that was a flop, technically speaking whether this goes better -- the substance itself is one issue. whether they can pull it off is another. >> all right we're going to say good-bye for the weekend. have a great weekend the dow is higher now. the mary, -- the merry, merry month of a ending on a positive note for may welcome to "closing bell." i'm live from post nine here at the new york stock exchange. this make or break hour begins with questions about there rally. is there enough to keep stocks climbing in june, or is this market already too stretched for comfort? we'll ask our experts over this final stretch including goldman's tony pasquiariello he will be here at post nine in a little bit in the meantime, your store card with 60 minutes to go in regulation the week looks like this -- the fed's favorite inflation read came in as expected. the market, though, unable to get much of a pce pop. the dow's up .29. the s&p and nasdaq are lower,

too. as we said, stocks not getting much of a bump from that nor is tech. it's the weakest sector today as names like nvidia, microsoft, meta, and amazon all give a little bit back today. gap, though, is surging after its earnings, dell, the opposite direction, dropping and dropping sharply, by 19% on its outlook it does take us to our "talk of the tape." there was no sell in may and go away as the averages pace for the sixth positive month in seven. big question -- what now let's ask cameron dawson from new edge wealth here with me at post nine. nice to see you on this friday last trading day of the month. that is the big question -- what now? april was bad. we roared back in may. what do we do from here? >> i think we have to appreciate how much deterioration there has been under the surface in a lot of churn the market's been a bit like a duck, calm on the surface but a lot of commotion underneath. and what that's resulted in is

deterioration in breadth only 40% of names are above the 50-day moving average. we've seen a waning of momentum. so the market's kind of losing steam. we think that translates to a bit more volatility. it's not the end of the world. it's not to say the rally is over but to say that we have some more churn to happen, that volatility is likely buyable as long as growth estimates hold in but that's what we -- what we will be watching for in june >> is the narrowness that you point to unhealthy, or is it just fine? >> it is disconcerting to see the amount of deterioration we did in some of the broadening out trade. it evaporate inn -- evaporated i a second over the past two weeks. they've had relevance the last year to date in just two weeks some of that is concerning to see the deterioration in trend which, again, just suggests that they're their likely is some more volatility to go. >> what gets the trend going again? is it a growth scare in part because rates had backed up what is it

>> well, what got this trend kind of deteriorating is i think that there has been more question about rates and the fed, and this question of if we could have a fed hike back on the table. we don't think the data as it stands necessarily supports a fed hike at this time. we think that pce is just in this middling territory where it's not cool enough to say they can cut, but it's not hot enough to say they can hike which means that we did see a little bit of a lift in the market today on that data, maybe taking those hikes off the table. >> let me ask this -- why don't we see more of a lift in the market today on the data >> i think we move very far very fast tech is what's dragging this market down. and if you look at tech valuations, they're trading back to 2021 highs. it raises the question is 28.9 times or around 29 times the ceiling for tech yes, the earnings are great. you're seeing earnings revisions move higher for tech however, positioning is very stretched. and you had jeff degraffe on the program yesterday. he talked about option positioning within semiconductors being

extraordinarily stretched. if tech doesn't work, that's why this market has trouble. >> but tech is what's lifted this market up from the bottom right? tech is up 8%, the sector up 8% in may the nasdaq up 5% so you're talking about much more recently where some of these trades have started to unwind really in the software space. like if we showed you this week and you guys can throw them up if you want, salesforce, service now, oracle, you can throw up some others, too, that pretty much tell a software roll. >> uh-huh. and we have seen software rolling over really for last two months it's been under the surface where we saw microsoft spend a lot of time below its 50-day moving average we think that software has been deteriorating for some time, and it's not cheap it's trading at about 30 times, that's up from 22 times just a few months ago so what you have is, again, crowded positioning and a lot of high expectations that are then being met with these high valuations >> you mention degraffe over at

renaissance macro. he says of software from cracks to canyons, at a minimum the bar is now higher for holding software names as the strength of the group has become more of a headwind than a tailwind how big of an issue is it if the sector continues to trade poorly, as long as the mega caps do what they've been doing and chip stocks have been doing what they've been doing >> well, some of software is a mega cap microsoft is a mega cap. the way we would judge it is if we see countertrend rallies or bounce off of oversold conditions, right, salesforce is very oversold, look to see how it does in that bounce if it hits resistance and it rolls over, it could call into question some of the earnings estimates and some of this bullish sentiment for the software in broader tech space >> so microsoft's down about 5.5% on the week nvidia has been, you know, unbelievable to say the least. it's up 2% on the week apple's had a nice little comeback, it's going to be

virtually flat on the week what about within the mag seven? the fact that you could have a microsoft do what it's doing, but nvidia and apple, right, the money rotates around within that mega-cap group >> yeah. we've seen telepsla fall out of that magnificent seven group this year. i think the real test for the mega caps will come in the second half of '24 into '25. that's because we see a meaningful earnings deceleration for a lot of mega cap names. nvidia's earnings go from 120% this year to 40% next year a similar rate of decline or deceleration for amazon. and so how will the market tolerate big second derivative declines in the pace of earnings growth the earnings are still extraordinarily impressive however, you'll have to square that with where valuations sit >> let's bring in stephanie link of high tower and jason snipe of odyssey capital advisers good to see you both new month, what do we think of stocks jason? >> i feel good, scott.

when i look to -- when i look to earnings, earnings growth rate was 5.9% the best earnings growth rate we have seen since q1 of 2022 you know, we had an earnings surprise eps beat around 72% i'm sorry, 78% so very positive earnings story. now as it relates to some of the macro data that we've seen over the last couple of weeks, and even over the last day or so, obviously pce came in line, you know, prices paid were slightly softer than what we expected consumption was 2% this month as opposed to 2.5% that we saw last month. so there is some deterioration i think also from a consumer perspective there absolutely is some discernment around spend. i think if a consumer is looking for value in the marketplace, margins are still good, and earnings are still good. i'm relatively positive for the next six months of the year. >> steph, i hear people talking

about, you know, chop, expect more chop, expect more volatility if, you know, rates remain where they are. you know, we're going to be picking at every single data point wrether it's related to the economy at large, consumer spending is that how you see it >> yeah. i think because earnings were done with them for the most part, i think we're very much focused on the macro and the economic data points and also obviously on the fed next we get payrolls, that will be an important number i think it's going to be pretty strong with average hourly earnings up about 4% the following week is even bigger because you have the fed meeting and cpi. and it really have about five weeks until we see earnings again. and so we're going to probably slosh around, scott. i think looking at the data this week, it wasn't all that great it was pretty mixed. but i think about kind of the consumer which is the backbone of the economy, and the job market still remains very strong and that's what's key to me.

that's what makes next friday's numbers so important i can't explain the chicago pmi to you today i wish i could i think some of it -- it was so weak that i think some of it was boeing but it's still under 40 which is really, you know, quite contracting. >> yeah. >> but i still think -- i still think within manufacturing there are pockets of where you want to be, aviation and great and power sort of thing. if consumer's okay and parts of manufacturing are okay, inflation's coming down, i think the setup into earnings is probably pretty good i'm not expecting a lot of move on the upside over the next couple of weeks. >> yeah. i don't know if you can suggest the consumer broadly is okay it seems bifurcated. some consumers are okay, some consumers are not okay all consumers may at some point be pulling back their spending we got ten days or so until the fed decision are we in some level of no-man's land until then? i mean, jobs report as steph said is going to be critical but we're going to get the outlook, too, with this next fed

meeting, right we didn't have it this last time, but we are going to get another one. the so-called dots are going to give us a little better idea about the roadmap, if you will, for cuts >> and that's the thing to watch. we think it actually will be a hawkish dot plat at least relative to march where you had three cuts priced in we think this top could be two and maybe even one cut priced in for the rest of 2024 >> is that a problem if that happens? >> it was a problem last year when we did get a hawkish dot plot if you think about the commentary out of people like lori logan and kashkari saying we're not sure if we're restrictive, we think that you could get defectors higher in the dot plot where they're saying we don't think we could cut rates at all in 2024 >> i don't know, i mean the -- the president of the new york fed yesterday laid out a pretty good case that he thinks they're restrictive. i think he was building a case to cut rates at least once >> there are areas of signs that interest rates are finally starting to weigh on the economy. but what lori logan really was talking about is that financial

conditions up until a couple weeks ago remained at their easiest level since 2021 with stocks at all-time highs, with credit spreads being really tight. so you ask the question how much are interest rates actually weighing on that part of the economy. we think non-pharm payrolls as stephanie said is the thing to watch. if we get a weaker print that opens the door for fed cuts. >> we got to wait a week we have to watch gyrations including tech, jason snipe. i'm wondering if valuations have gotten to the point where they're a more severe headwind than they have been in the past. the forward pe on the sector at large is near 29%, the ten-year average is a touch below 20. i love the chart that goldman sachs put out today about valuations the s&p 493 versus the mag seven. you see the dispersion between -- and the divergence between the two of those how about that valuations in a sector that now we've gotten more narrow, we're more top heavy again how do we see that

>> we're absolutely stretched, scott. we know about the price action over the last five weeks it looks like it's obviously going to get broken this week. you know, we know about the ai halo effect and all the names that reside in the space and how well they've done the last several quarters i would say going forward, and i look at the blowups that we've seen, whether it's mongo db, salesforce, or you name it, there's been quite a few i think the margin for a strong call and a strong report is obviously growing smaller. and i think as it relates to ai, you know, we've talked about last year kind of buying that just the idea, ai and all the integration that will happen, and we see all the spending from the hyper scalers, it doesn't matter which call you were on to see what's going on there. now it's just about what is the use case and how is that going to show up in revenue. and that's clearly what we did not see in salesforce. it's going to take some time we're in this really interesting

space where there's -- we're going to have to wait for some profitability on the use cases going forward. i think when you look at the multiple and you look at that spread, i think that's where we've seen some of the difficulty that we've seen over the last few days. >> steph, are we supposed to buy these software names on the dip? it's your snowflakes down 13.5%, adobe had a bad week we said salesforce and service and snow -- snowflake, as we said, oracle, mongo, what do we do >> i think there's a big difference between semiconductor companies and software companies. semiconductor companies can't make enough of the chips there is a supply constraint situation. and so on the dips, i think where i'm going is i want to buy some of the semiconductor companies that have the pricing power, that have been monetizing ai along with other parts of their businesses and i would argue there are a couple of companies -- you know i own lam, we haven't seen the

equipment pick up yet. i think that's a second half of the year story i want to own more of the semiconductors on software, be careful. a lot of the valuations are very extended and they are still in product development with regards to ai and they're not monetizing as quickly as the expectations have been so that's why i think you want to be very particular, very careful. there's going to be a time, scott, because if you look at the software etf, the igv, it's down 14% from february 9th so it's already corrected quite a bit. we know some stocks are down even more. so there's going to be a point where you want to add to them. i'm just not sure it's yet >> you suggest that other sectors are picking up the slack from whatever pullback we're seeing more recently within technology i mean, that may have been the case, but not so much now. you know, most other sectors are down on the week, particularly the ones that had done quite well i'm looking on my screen, for example. you know, things like year to

date, utilities up 7%. they're down this week i'm looking at energy and looking at consumer staples, those types of things haven't been working well lately >> they haven't, and you know, this past month was not easy for that -- those sectors. and for the broadening out but i do think in the last two days -- it's only two days -- but the last two days as tech has melted down, the other sectors are picking up stream. if you look at energy, energy's up today, financials, financials up today some industrials are up today. so i think if we can continue to -- if we continue to see the meltdown in software and in technology in general and people just taking in profits, if it goes into these other sectors, that's quite healthy and it should go into other sectors because the earnings for those sectors were quite good. >> what about, cameron, these other sectors? believe in them? no >> i think that you can buy great companies in any sector if they're oversold and up trends but we think that this churn in

the market that you're seeing where it really lacks conviction industrials gave up all of their relative performance, financials really break down on a relative basis, just shows that this market doesn't have conviction right now. we think that that's pretty interesting compared to the fact that if you look at positioning and sentiment they still remain pretty elevated. sentiment is in the 90th percentile, positioning, 94th percentile maybe that says that the market could still be caught flat footed simply because you have high expectations. >> jason, it feels like the market cannot -- is going to have trouble dealing with a moment where nvidia rolls over again. i mean, let's remember it's not that long ago that the stock had traded from nine something to 7.50 now it's, you know, near 1,100, okay given the narrowness of the market, what happens if there's a roll in nvidia jeff degraffe yesterday, as

we've been talking about a couple of the calls he made, suggested that the chip names could go down maybe 20%. not excludeing -- not singling out nvidia, but just the fact that they were so amazingly overbought >> 100%, scott i mean, you know, we talk about nvidia all the time. but i mean, the last two years, it's added two trillion in market cap so what we do know, which we don't talk a lot about, is there's absolutely boom-bust cycles as it relates to semiconductors not to say that that's any time soon as it relates to nvidia and the infrastructure and what they provide in terms of their gpus but yes, when you have a stock that's got a $2.8 trillion market cap rolls over, there clearly will be an impact on the market i just don't see that in the near term. but i do think as steph alluded to earlier, i think as we kind of we're in this interesting space where i think the price action will be -- we'll see a lot of back and forth. i think the market is looking for a new catalyst, and we'll have to wait a few weeks until

earnings start all over again. >> steph, how about that question you suggest that the market's broadening out when, in fact, it really isn't not now. it was so it's -- if nvidia has a moment here where it gives something significant back again, what's going to pick up the slack? >> well, i mean, as i mentioned, the earnings have been pretty good in the other sectors. and so i think you can look and point toward some of the industrial companies in the themes that i like as i mentioned aviation and grid and power. if those stocks come down, i'm a buyer all day long that's a decade-long theme in both of those subsegments i think energy is certainly interesting. i love the m&a that we're seeing obviously these companies, the ceos and management teams, see real value we've seen about $500 billion worth of m&a in the energy sector in the last year. so they see value. i see value, as well and i'm encouraged, again, that they're up today, they were up

yesterday. and i think some of the materials names -- and also, the companies that you and i talk about all the time those companies that are creating value for shareholders like the ones that are spinning out, noncore businesses. and there are so many of those out there that are offering great value and great ideas. so i'm looking for any kind of choppiness to be added to those sectors. i do like tech, i've been adding and i'll continue to add there, too. if we get a good opportunity again, these stocks are still up so much. expectations are so high let it breathe for a bit let other sectors take the slack. >> all right we're going to breathe ourselves. take a little break. cameron, thank you steph, thanks, jason snipe, as well to christina for the biggest names moving into the close. abercrombie yesterday, gap is also seeing a resurgence among shoppers feels like my old high school years all over again gap's brand old navy, banana republic, athleta posted positive sales for the first time in years. management also raising their

full-year guidance that's how you're seeing the stock almost 29% higher. let me stick with retail there's a shakeup. vf corp. snapped up a former lululemon chief product officer as its new vens global president. the new hire which owns vans, brands like supreme, northface, they said it's a much needed step in the right direction. that's why you're seeing shares up 8.5%. >> all right kristina thank you. we're just getting started up next, goldman's tony pasquiariello tells us which sector he is calling the best game in town live at the new york stock exchange, you're watching "closing bell" on this friday. to start a business, you need an idea. it's a pillow with a speaker in it! that's right craig. a team that's highly competent. i'm just here for the internets. at&t it's super-fast. reliable. you locked us out?!

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goldman sachs. block grant welcome back tech stocks taking a hit today nvidia sliding more than 1%. nasdaq now on pace to snap its five-week win streak

let's bring in tony pasquariello, head of hedge fund coverage at goldman sachs. got a real good eye on what the biggest money is thinking and doing. welcome back >> thank you, scott. >> you've been pretty much urging investors to remain fairly positive, if not bullish. >> affirmative >> month coming to an end. now what >> we should call it what it is which is a pretty tricky week that closes out an otherwise totally respectable month. so i don't want to dismiss this week because it's been messy and really messy in specific parts of the market. >> right >> i'd say point to point we're looking at s&p 500 up 4%, nasdaq up 5%. could the market do some work, i think it will for sure i think the big dynamics more broadly are still favorable. why do i say that? we think growth is fine. we think the u.s. growth call it 3% this quarter, this year that's a big backdrop for risky assets on the fed, you had jan on

recently, we think they cut in september. do they? i know the fed can available themselves of 525 basis points should they need to. then the view on mega cap tech is still for me just don't constrain your imagination around the supremacy of the biggest and the best companies on planet earth. is the technical setup demand doing, it is is valuation demanding, it is. do we have a couple hot spots in the market in week we need sort out? we do. so i think -- what i'd say is i think the primary trend is still higher, but probably the gradient of the rally or the up rally will be flatter in the next phase of the game >> if the technicals and valuations of large-cap tech are challenging, what does that mean from a performance standpoint do you think as the summer gets going? >> i think we'll continue to separate u.s. mega cap tech, the magnificent seven, from the rest of the tech stack. so i still look at the magnificent seven. i think to myself the ai theme, buy backs, capex, a bit of

dividends, and then that sustained superior earnings growth i just on a given day and given stock, of course there could be softness i just think as a cohort, like i said, i don't want to constrain my imagination about what the companies can accomplish >> keep your eye on the ball is how you tell clients to think about these names. >> 100% correct. yes. >> you called them i think earlier in this week the sword and shield the implication being that they give you offense when you need to play it, and they protect you when you need a little bit of protection that continues, as well? >> i think so. and again there's going to be at various turns parts of that cohort that fall off the pace. tesla's been down meaningfully all year the magnificent seven as an index unto itself is still up 20%. so i'm not - >> thank you, nvidia >> thank you, nvidia you know, thank you -- the majority of that stack is -- nvidia is the bright and shining example of this winner take more dynamic. i think we're going to live with that in the next phase of the game

>> what happens if the shiniest example of the mega cap rally gets tarnish to it what happens >> it's going to be a tough putt it is the most high-profile stock on planet earth since october of 2022 when everything made it low, $280 billion market cap became $2.8 trillion why? because earns grew tenfold it earned that i think it's a question of kind of the law of large numbers and sustainability again, i'm not smart enough to know when to sell that stock i hope i'm smart enough to basically stay out of the way of the upward momentum. you go into your twitter feed and find some lazy analogs drawn to cisco in the year 2000, and i think to myself if you were too early to that trade in '98 or '99, that stock rallied 140% or 150% per year into the peak. i'm not willing to say now is the time to sell that stock. >> okay. i think the other question beyond, you know, whether tech is too stretched or valuations have gotten too rich is the consumer where you suggest that the

consumer will, quote, defy the bears. what gives you that confidence >> with appreciation for how much pressure there is at the very low end of the income stack, if i take a bigger step back, i take a look at the u.s. consumer in totality, i'd say again u.s. is growing above trend, full employment wages are now outrunning the rest of the inflation basket so real household disposable income's going up as the year goes along and i think it's kind of this rick reader point about the balance sheet. so yes, $20 trillion of debt is a lot of debt. $156 trillion of household net worth is enormous. so i think the compounded effect of the wealth effect from the housing rally and from the stock market rally is now measured at $50 trillion in the covid era. so i think, again, there will be selective pressures for sure, but i think in totality for right on the labor market and right on the economy the consumer's going to be okay. >> you believe the story that -- glad you mentioned rick reader he made that case right here on this program specifically as it relates to

the baby-boomers, the amount of money that they have amassed, whether it's been growing their cash through either stock market or money markets or, you know, for whatever, and now they have all of this investable income. you buy into that story? >> i think the point that he made very well is for the first time in 30 years households have more cash than they do debt. that's a change. that's not something even in our long careers we've seen. so i think the longer you park your money wherever you do and you effectively earn 5 3/8 that's an up arrow for consumption, not a down arrow in the context of interest costs. >> are you -- last question. so i said ten days or so we'd get this fed decision, we get to see the so-called dot plot give us an idea of when we may -- how many cuts are expected if it's -- if it's more hawkish than the market expects, is that a problem? are you thinking about that in your near-term forecast for the market >> so the fed wrote down three

in december. >> last time >> i think they stuck through to the present day, as you say. the market's pricing less than two, though. i think if there was a modest adjustment, i don't think that's going to be a big surprise for the market >> what if it's none >> i think that would be local turbulence for sure. now i would say this -- i think the bar for them to raise rates is very high the bar for them to delay cuts is very low. and so i keep coming out i think they're going to leave the car parked at 5 3/8 for a while longer we know since last july, the u.s. economy and the u.s. stock market can do just fine at 5 3/8. >> we will see what happens. tony pasquariello. thank you so much. >> thanks. >> tony joining us from goldman sachs. up next, is dell's run done? that stock, there it is, getting slammed today, dropping double digits following a year of serious strength now eric jackson is flagging dell as a key player in the ai space. i mean, that's what they've been

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we're back ugly stock in this market today is right there down nearly 18%. it's dell. and that's after last night's earnings shares heading for their second worst day ever investors reacting to weaker

than expected backlogs for ai servers. this month emj capital's eric jackson said he sees it as a stealth play welcome back good to see you. >> hey, good to see you. >> was it really stealth i thought the stock was doing pretty well because it was caught in this ai halo effect, and now we're seeing what happens maybe when your outlook is disappointing >> well, it wasn't one of the immediate names that i think people were defaulting to as an ai play like super micro that was had a great run earlier in the year so it was flying a little bit more under the radar and the last two weeks, it -- it came out of stealth mode and it's been doing crazy. so even on this tremendous pullback today, we're only trading back to levels where the stock was back on march -- may 14th, rather so we've round-tripped the last two weeks. and i think when there's a level setting now of what they've

delivered and where the stock is going, i still like it because this thing is cheap relative to a lot of other ai names. it trades at 10x board ev to ebitda, you know, compare to a super micro at 16x, 40 ebitda or vertiv at something like 26x this thing is still a steal in my opinion and this - >> are those the right comps to put it up against rather than some of the larger names >> well, for their ai server business i mean, i think those are the right comps. obviously a big part of the dell story also has been the pcs. but -- and a lot -- that was like an anvil around their necks for the last couple of years but you know, earlier this week we saw hp jumping off the map because there were signs of life in the pcs there we hear talk now of ai pcs from a couple of weeks ago when

jensen spoke about them. so i think there are a lot of reasons to -- to look positively that the big question that hurt them last night in the earnings call, they said where is the money that you're making the $1.7 billion in new money that you delivered, you know, this quarter relative to last year in ai servers, we didn't see a bump in operating income and that's a totally fair point by him but you know, this -- they will be making money. there are rumors that they want a big deal with tesla and elon where they probably had to take up a price cut they are going to sell professional services against all these ai servers that they're shipping and most interestingly, they're going to sell a lot of storage services they didn't show that last night in the prior quarter but i think there are a lot of reasons to get excited and again, with the valuation, i think it's going to be compelling for a lot of people >> interesting

you suggest to us that you've been putting money to work in names like coin base and carvana. the one that frankly jumps out the most to me is arm holdings the reason being that we've had some calls on this program this week, you know, yesterday finish the day before, that that space is so stretched. and it's susceptible for as much as a potential 20% down draft. >> well, you know, obviously there are haves and have nots in ship land and nvidia is the pop poster child of what happens when things if right and when gross margins are high but i do like arm. i do think that -- they're producing cpu-based chips which some say are not as exciting as the space, but you need those chips in allthese ai servers that are being built out and they have a great partnership with nvidia, and nvidia tried to buy them several years ago. there's also -- they're rumored to be the chip that's going to

be powering the latest iphone that's coming later this year. we'll find out about that. they have documented that as they sell more chips this year, their royalty rates are stepping up increasingly. so it's not a value play like a dell is, but i think there are going to be a number of catalysts for a name like arm, you know, for the rest of the year that make me think that it is going to continue to pop on those news events and do well. >> coin base is interesting. it's down more than 6% on the year i feel like these stocks just like crypto itself is a barometer of sorts for risk. risk has been a little bit choppy and uneven this week. how do you think about that if you added to it recently, as we enter a new month for the markets as a whole >> they're a proxy play. i agree with you for risk in general. but obviously coin base is the biggest public company of all the crypto-related stocks that

trade. and it -- as crypto goes, so goes coinbase. and i think the theme that has played out this year and i think will continue to play out is sort of like the crypto being a digital gold, debasement of the u.s. dollar. fears about that and obviously first half of the year the big event was the bitcoin efts now we have confirmation that we're going to get the ether efts later this year we don't know exactly when, but if you go back to the charts, coinbase really took off when it was evidenced that the flows were coming into the new bitcoin efts, and chances are we'll see something july-august, in terms of when the new ether efts will start trading. and so i do like coinbase to continue to rise as we start to see that -- the new flows come into those etfs. >> up 250% in a year i can see why you like that chart at least over that time

period eric, thanks see you soon >> thanks. >> eric jackson. next, tracking the biggest movers into the close. kristina partsinevelos has that. >> we have the ceo of a software firm that's promising investors they're not losing market share. investors are saying otherwise and another tech stock that was priced to perfection heading into earnings, perfection that was not had. those names next

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we're about 15 till the closing bell back to kristina for the stocks that she is watching >> shares that were priced to perfection, that's what oppenheimer says was the case for marvell technologies and tech names like dell, as well. despite the 7% sequential increase in data center sales also up 87% year over year, management also calling for bottom cyclical segments, m marvell shares almost 10% lower. i read notes, and wall street still remains bullish on this particular name. that's not the case for mongo db you see shares are down even worse, down, what, 25% right now. the database software maker issued light guidance for the quarter and cut its forecast for the full year due to macro conditions but assured investors they weren't losing share to competitors. don't worry.

scott? >> all right thank you so much. still to come, caesar's is surging thanks to a fresh beat from carl icon all those details are just ahead. what it could mean for the rest of the entertainment space, as ll "the bell" is coming back. let's say you want to help your small business thrive. constant contact has helped

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nasdaq still negative, but it is also off its lows of the day, as well we're back next with clean energy getting a big boost this month. it's best month to date performance in years we're going to tell you which names are driving that high or if the rally can continue when we take you inside the market zone next. wall street forecasts over $100 billion in sales for weight loss drugs known as glp-1. even with unliked and inconvenient injections, dehydratech processing of a glp-1 drug demonstrated improved blood sugar reduction and reduced side effects. more human study results for lexarias patented oral delivery technology are coming soon. lexaria bioscience,

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bet on caesars clean energy among the top performers we have a nice move as i said. we're going to go 500 looks like now on the dow >> yeah. >> s&p is up 33 points so that's the highs of the day there, too 5,2 67 bank's looking good. buying at apple and alphabet and uber even nvidia off the mat. >> put more weight into the majority of stocks being up most of the day in response to lower yields and the fact we got an on-target pc inflation reports, then this little melt we're seeing into the close. it probably -- not to say it's illegitimate, but i'm almost sure it's month end and also quarterly msci index rebalance whatever had to get done over the course of the day seemed to get done and now a little bit of a bid into the close big picture, market's been a little sloppier as people have been saying this week. it's been a little hard to trust. lot of stocks, you know, actually weakening below the surface and then getting picked up rippan action in general

big picture, though, really strong first quarter in the market we've held onto most of it, two-thirds of the way through the second quarter the trend has remained okay even if it's been noisy at times. >> so up six of the past seven months the s&p 500 putting in a pretty good month up 4.5%. certainly looks a lot different than april did and to your point, you know, we've come a long way in a short period of time and now we're looking for catalysts to see what happens next >> yeah. a long way in a short period of time going back it late last year i think it's a good thing that we've been sort of side ways for a couple of months where we were at the end of march. that's taken us to a point where you can say, okay, let's check the macro, earnings, estimates at a record. yields, they're at the high end of the range but okay at these levels fed, can't do anything soon but hopes to work in a cuts soon i think a -- a cut soon. i think a lot is unchanged even as valuations are demanding and you have churn around the

individual themes around tax >> contessa brewer, we're watching caesars today, up on news that we confirmed, of course, on carl icahn's big bet in the name. yet again, second go around at least. >> yeah. you talked to him and i talked to him today, and what he said to me was like we don't talk about our positions, but caesars' shares off at 25% year to date. in spite of quarter after quarter of brag-worthy results and look, scott, even last quarter where caesars missed expectations, it was bad luck. it wasn't bad management carl icahn, i know he thinks highly of the ceo, after all he essentially put the guy in the job when el dorado made its acquisition bid for caesars. this was like david taking on goliath. and tom reeg told me he agrees with carl icahn that caesars' shares are undervalued of course they're a good deal. caesars likely to see another boost this year. the strip off its best april ever revenues were up 7% year over

year against tough comps going into summer with tight rooms because the mirage and tropicana shutting down operation. that's going to be great for caesars. but it's stymied in expedite of the remarkable record-breaking performance. and no performance in the regional casinos, well a rebound in mccow it does not show up in the share prices of these companies. and then we saw this activist letter today urging penn entertainment to sell itself shares soared up almost 20%, but still down year to date, 33% one industry insider told me today, look, investors just don't have any patience to allow the digital and sports gambling to hit the stride. they are not giving any credit for old-fashioned slots and table games, and the bricks and mortar casinos which are just raking in the dough. >> yeah. interesting day, icahn back in caesars. thank you so much. pippa stevens, tell us about the clean energy plays >> pulling back a little today but still wrapping up a big month with the tan solar fund up

about 20%. its best month since july, 2022. and seeing its first inflows of the year now part of this is bouncing off a really low level after the sector was beaten down but it's also optimism around power demand growth driven by data centers the tech companies building these data centers all have sustainability commitments which should drive clean energy deployment now that is lifting utility scales with first solar up 50% this month it's also the largest rating in the tan fund it does have an outsized impact. next tracker, canadian solar, also make equipment for large projects analysts say while that group may have bottomed, the same cannot be said for the residential players which, scott, continue to get really hit by higher rates. back to you. >> pippa, appreciate that. thank you. pippa stevens. mike, you get buying today in energy which is outperforming, you've got utilities which have obviously had a huge run >> yeah. >> looked like maybe they were going to be on the verge of

giving a good bit back up nicely today along with every sector but tech. >> market in is kind of keeping everybody off balance. it tends to do that when it's not driven by sort of a very strong discovery of a new macro trend or not in earnings season. i think a lot of it, we're seeing the aftershocks of that big momentum crescendo, performance, into april. we unwound a lot of it market wanted to go to laggard groups like utilities. it picked some of those up wasn't overdone. oil is really tame right now in fact, the -- most in danger of breaking down a bit which would be great news i think from the macro. so many of the things that sectors are telling us have a pretty positive message for the path of inflation. i think that's one of the things that's propping up the market right here so i wish, you know, investor sent meiment got more despondenn the lows wish we didn't have the nvidia

callouts every minute of every day. right now pretty decent underpinnings to what's driving the market for most of the last agent months >> good stuff. [ bell ] >> sell in may, go away. didn't work. s&p 500 going to put in about 5% [ bell ] [ cheers ] a pretty big push higher into the close sending the dow up more than 550 points and racing earlier -- erasing earlier steep losses for the nasdaq welcome to "closing bell overtime." coming up, the ceo of supply chain and logistics dump flexport joins with us a warning about global freight prices which he says are hitting levels not seen since the pandemic supply chain crunch. and the hard truth on software mongodb sinking more than 20% today following a big drop for salesfor e