good afternoon. welcome to "power lunch." stocks are higher across the board, the dow up 50 points, but the nasdaq up more than 1.35%, hitting a new record high. so far this year, the dow is up just 2%, but the nasdaq higher by 14%. driving the nasdaq higher today and this year is what else? nvidia hitting a record high of its own, above $1200 a share, and the market cap, are you ready for this?

crossing 2$2.9 trillion. it's just inches away from a $3 trillion company, and it trails apple by, what, see million? crazy. let's check the ten-year yield, slightly lower's well. for more on what all this means for the markets, as we head into friday's big jobs report, we turn to michael santoli. what are you thinking? >> you laid it out there. this market is running in parallel, the ai-driven market, cr crystallized to nvidia. today is the day, though, where you have other things working. the economy was craving news that it's still plugging along okay. the stocks that usually do well

when that happens were not doing well. they were actually lagging. that got a relief trade today. >> it does remain as the nasdaq following along, or maybe even pulling the direction, and suppressing volatility. i think this is a key point here. when you have lots of things moving on its own, it keeps the volatility lower, and the vix is down around 13 again. that, in a weird way, emboldens big institutions to own more. their models say it's safer to stay in and stay exposed. s&p is also on track for a closing high. >> wow. mike, stay there. our next guest says the rate cutting cycle may begin, and

this is the conversation to have. jim tierney, the c.i.o. of consequence trailed growth with bernstein. where are we headed here? >> i think we have to see earnings start to slow. the market is clearing slower economic growth. that will ultimately have an impact on earnings estimate. the growth numbers this year and next are double digits. i think that's just too high in terms of earnings growth. >> if that's the -- let's put it differently. when i spoke last hour, one of our investors said, looking if we can muddle through with 1.5% real growth, stocks can grow in that environment. why do you disagree? >> i don't disagree that stock can go up, but overall earnings estimates, that have been incredibly robust probably have downward revisions. those with bigger revisions probably don't go up. those that don't go down quite

as much or don't go down at's, keep on going higher. >> so it would appear to me, po i deduced correctly, that the kinds of companies i ought to invest in are very stable companies with very stable, if modestly growing income streams, and maybe a different kind. what names would you mention? >> i want to see robust secular growth, but in that world, zoetis is a good example. they treat both classes of animals. it's a stable grower, but really robust. their p/e has come down quite a bit. another would be american tower. we won't be using our cell phones less. if anything, more data. that company has been pressure irby higher rates.

i think you get a multiple expansion or re-rating there. that's a company that's 35% below the five-year old average p/e. cooper companies, great quarter, they revised their full-year guidance higher, and the stock really doesn't do a whole lot. some headwinds have been the stronger dollar, but the underlying business fundamentals are beautiful there. again, another double-digit grower. i don't think you have to compromise on growth. i think there's plenty of examples of companies hurt by higher rates. if rates roll over a bit, they get a tail wind into their condition. >> mike santoli, do you think the market is prices in much greater odds. if so, what is that likely to mean? a lot of people think this time might be different? >> yeah, i think the market is

incrementally more -- that we will get, perhaps a better chance of two rate cuts this year. that's what you're seeing in the december rate cut pricing. i don't know that it's ago simple as say you like to enjoy the pause between the rate hikes and kids. i go back to 1995, you didn't want to sell that first cut. there were order two that year, maybe three. it was spread out very far. nobody really cared, so i think there's enough exceptions, if we're going to enjoy -- if we're going to be in that fairway of soft land, with inflation and growth both remain in these tolerable areas, i don't think it's a -- i do think, though, that, kelly, the market was evidencing some concern that the fed had its eye off the ball and was going to be a bit too cute and be late. i don't that today's numbers fit with that thesis. >> jim, we had someone on last

week who said the question is, really, what cracks first? >> i think they're both coming down quite frankly. they're relatively well behaved and to a certain degree, fairly tied. you have to evaluate if a company can grow at the expected level. it's not going to be everybody. i think earnings growth will be the second-half story. >> bond yield have been coming down, are those yields pulling the fed in that direction? >> i think the inflation data moderating a bit, economic growth moderating a bit, is going to allow the fed to cut. the worry was we weren't going to have any cut, i think what is driving it is a bit slower economic growth across the board. jim tierney, always good to

hear from you. mike santoli, great to see you as well. the bond market, and let's go to chicago with rick santelli. >> his, tyler. i'm on on the floor of the cboe. consider, the whole thing is a three-legged stool. growth, which seems to be slowing, and, of course, we have the labor market, everybody is looking at things like jolt, and we have inflation. today's prices go to that end. it's a combination of those three things that will will decide a lot. each of those five days traded below the previously sessions' lows, and we're on pace for the lower yield close since the end of march. we're still 23409 near the 2% target. hey, paul. >> hey, rick.

>> it looks as though there may be a cut tomorrow. we had the swiss cut in march, but today bank of canada cut a quarter to 4.75. what do you think is going on with regard to equities and how is that all playing into what may or may not happen from the fed? >> well, you can see equities pretty much on the all-time highs. everyone's well aware, we have next week cpi, and a fed meeting -- >> also, auctions next week. it's going to be an interesting one. >> some of those have been more interesting lately. two weeks ago, a low on the vix. we're not there yet. even with equities on the highs, vix has a bit of upward pressure. we've seen some big hedges come into the market. not unusual with equities at this level. >> now, if i look at the notion that we're trading, what, just a bit until spoke with regard to the big vix, how does that play

into whether it's a green light or red light for certain directional trades? is it hedged? >> hedging is cheaper when the vix is lower. >> that's a good point. volatility is lower, you can do more and the feedback ploop extra careful concerned of get tossed away. are traders more aagreesive? >> i wouldn't put it in that term necessarily. you have a big portfolio, and they let you hedge it cheaper. >> what do you think is the biggest aspect that could make the market compete some of the parameters? is it the ecp? at the? >> i think more eyes are on the fed than the ecb. i think that's baked into the

pricing now. anytime jerome gets a chance to share his thoughts on the market, people are definitely paying attention. >> i hope they don't play too close, because a lot of his thoughts haven't worked out very well. do you guys pay a lot of attention to prices paid? >> we pay attention to everything here, rick. i agree with your assessment, it doesn't seem like it's going to force their hand in either direction. >> tyler, back to you. thanks. rick, thank you very much. paul, thank you as well. we are a week away as was referenced from what could be the most important fed decision in many, many months. with only a few more meetings left in the year. one of the criticism in the fed

is it's only run business economists. what if business owners and economists -- we have a mock fed board set up that's going to vote on whether to cut or hold, based on their unique perspectives of where the economy is, where inflation is and what should be next. there you see the members of our mock fed. tune in on actuals. >> look at that lineup. >> a good group. >> i cannot wait. coming up, the ai bum creating a divergence in the tech space. we'll dig into that when "power lunch"etns rur. - "best thing i've ever done." that's what freddie told me. - it was the best thing i've ever done, and- - really? - yes, without a doubt! - i don't have any anxiety about money anymore.

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lunch." we mentioned a moment ago, another all-time high for nvidia. ai has been a huge boost for that stock. and the etf 44% higher so far this year, but the etf is actually lower. why software is getting left behind, let's bring in chris kristina partsinevelos. let a stock bump, it doesn't necessarily mean that divergence, and battered soccer spend has shifted in an environment where budgets are already getting cut. head counts are shrinking.

salesforce warned of high-level -- and mongodb warned, and datadog might relate to supply of gpus coming online. another note from jeffries said they 20 group meetings with companies and there was virtually no discussion around ai and any associated revenues becoming tailwinds in the second half of this year. investors have a better understanding of risks for software and may hesitate to buy the dipped until they see how bad the slowdown will be in the next earnings cycle, plus, all spending during covid is still working its way out. you're still seeing in weakness there, the next catalyst is oracle's earnings next week.

in workday and salesforce are a barometer, it may not be ideal. >> i guess it sort of surprises me that software, which such a big part of the ai revolution is such a laggard. >> is it really part of the revolution? when you think of the hardware that's necessary, and the software is built on top of that, and we haven't got to the point where we need to utilize all these software applications. when we were talking about the revenue monetization, what is going to be the killer app that will get people to buy all of think ai pcs, to keep spending money two years down the line? yes, there's a rush toward hardware, but still a big question as to what kind of software will be utilized, especially with the likes of nvidia, amd, intel, all moving up the stack.

we could see more consolidation in the space. that's why there's a lot of red flags. >> all righty. >> it's one of those kind of unexpected consequences, so far. kristina, thanks very much. kristina partsinevelos. after the break, ev sales continue to close. barclays lays out some of the causes of this ev winter. that analyst joins us, next. trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. 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.

controversy continuing to swirl an tesla. here's what longtime tesla shareholder ron barron said about whether his pay demand should be approved. >> when you're buying into a company where you have one of the most exceptional, maybe the most exceptional, you know, executive in this country, in the world on running your business, do you really want to not treat him properly? >> well, there may be even bigger problems for tesla, as it reports cooling sales and the

overall ev market is slowing down or showing signs of it. while annual sales continue to grow, the growth rate is dipping, according to cox automotive. our next guest sees a few themes at play here, in what he's calling an ev winter. joining us for more is dan levy, senior auto analyst at barclays. good to have you with us. is the ev market globally too beholden to government policies, in other words, subsidies on the one hasn't, penalties on the other. >> tyler, thank you so much for having me. look, when we think about what's driving ev penetration, the analogy we have used is carrot sticks and tambourines.

how do you drive ev penetration? carrot sticks and tambourines. the carrot sticks is the government. for the foreseeable future, the government will play a critical role. but also, from the regulations, that's just not going away. even if it's slowing or gets pushed out, there's still a regulatory manningdate. >> do you expect that some of those regulatory mandates new cars that can and will be sold in this country, will be changed? it's hard for me to believe that ultimately no internal combustion engine automobiles, in ones, will be sold in this country in ten years. >> the regulations are definitely fluid, right?

we saw that already with epa plans initially put out last year, and already revised modestly lower this year. we know, in november if trump gets elected, those regulations will probably get soft abled as well, and anything beyond 2030 is more aspiraaspirational. >> there's a push for decarbonization, but a recognize where consumers and car makers are in this journey. >> i just want to talk for a moment about tesla losing a share. you're seeing it in china, europe, even in the u.s. where does that leave the stock? >> yeah, you know, the fundamentals for tesla are in a tricky position right now. we generally expect negative revisions. part of that is the volume has

gone down. we're at flat volume. even that, some people would say, will say that is tough to achieve. i think part of the challenge here is that they are relying very heavily on model 3s and ys, and as good products as they are, there's a model concentration challenge. the u.s., it's natural they'll see some share erosions, just given how strong a share position they're at, but it's just a lack of competition. europe, especially china, are very competitive. they'll remake a leader, but the competition is tougher, and they have a bit of a model concentration hauling. >> do they need to bring to mark, or at least refresh the markets they have out there? >> new models are going to be critical. if you look at our model, we have tesla volt by 2030 growing

to 5 million units versus the roughly 1.8 million that they're doing this year. that assumes there will be some sort of low-cost model that will be introduced. we know all of that under review, what was referred to as model 2 was either scrapped or put on ice. there's going to be a lower-cost model they are planning for sometime early next year. there's going to be variants that will help, but it's about having a range of models at a range of price points. >> dan, thank you very much for your analysis. hope to see you again soon. >> thank you both. from evs to oil, crude is bouncing back a bit, pippa stevens is here with more. now what, pippa? >> we still have about 4% on the week. also some concerns around demand. we did get a bit of a bearish report on the inventory.

the supply of gasoline is down about 1% relative to last year. adam parker over at trium verrate said now the -- there's more energy stocks in the finee quartile, so that's meaningful. a lot of these companies were thrown out as having a lot of debt, not making any money and not returning it to shareholders. it's things like roi, stable earnings growth. the secondo is still down. it did hit an all-time high, ekeing out its record of about a decade. it's hard to get excited for energy. >> not to put it quite this way, but altria was a pretty good

performer, companies that have to kind of improve and have become in some ways left for dead. i'm not saying they're the new nvidia, but an interesting cleaning of the sector. ebay is dropping amex over high fees. >> ebay is drawing a like on american express effective august 17th. 2 comes down to the battle over swipe fees. ebay calls amex's fees, quote, unacceptably high. they say credit card transaction fees continue to rise unabated because of a, quote, lack of meaningful competent 'tis.

amex for its part says it's disappointed by the decision. ebay will, quote, limit customer payment choices and take away the service, security and rewards. it also argues that their fees are comparable to other card networks. they call the choice inant with ebay ace stated desire. they also point out that the average amex spender tends to spend pretty much double, the transaction sizes are double if you compare it to the other card networks. kpw putting out a note on all of this, saying they agree with amex's stance to not budge here. they say it would be a slippery slope if they sacrificed to price. this is a reason american expression backed out of its costco relationship. it also represents ebay represents about 0.5 march of amex's billed business. back to you. >> thank you, kate. seema mody has a cnbc update.

>> tyler, russian president vladimir putin said recent between moscow and the u.s. will remain the same, regardless of who is elected. he took questions from international journalists for the first time since his inauguration in early may. he also called former president trump's felony charges politically motivated. meets arrested 13 pro-palestinians protesters occupying stanford's president's office. adding there was extensive damage inside and outside. the takeover began around on the last day of classes. the protesters joined a wave of demonstrations on college campuses across the country, demanding schools divest from israel amid its war with hamas. the nhl will broadcast deaf

translators for each game of the series with the florida panthers and oilers. game one is on saturday. tyler and kelly? >> that is a tough game to call if you are a person who can speak and hear normally. at that speed, i can't imagine how good a translator has to be. good move by the nhl. seema, thanks. hey, carvana's stock was one left for dead. after a massive turnaround, it's tip for the year. and we'll speak to the ceo, next.

welcome back to "power lunch." shares are carvana are on a tear this year, up more than 45%, fueled in part by a strong demand for used cars. it's also up over 30% since it was picked in our stock draft. take a listen to why they know

best. >> i always have an ace of my sleeve? >> i see a huge upside, peaked at $350 about three years ago, there were some missteps, i think management has strong backing from apollo. they don't like to lose money. >> for your exclusive on that note, ernie garcia is cofounder of carvana. he joins us from chicago. welcome. >> hey, thanks for having us. what are you doing, to borrow os's phrase, to not lose. >> oz does know t i think the company has been on a great trajectory. i think it went through some tough times a couple years ago.

so we're on a great run. we just are to keep it going. things are good. >> did the meme stocks keeping your company going? or was it just a coincidence? >> i'm not sure we were too meme-y. i guess you guys might be in a better position to guess that, but definitely not on keeping it alive. the company was always stronger that most stories. you have to execute well. we've done all those things. i think that's becoming clear now. what do you think accounts for the fact that used cars, which were hard to get a couple years ago, are now suddenly -- what, is demand up? why is it that transactions are supporting a much healthier position for the company? >> you know, i think the used

car market is roamly stable. it's still down versus where it was pre-pandemic. car prices are down quite a bit, but still former than they were. i don't think this is a macro story. i think consumers love buys cars online, love versus a broad selection, and i think when the world turned on us and car prices went way up, that was a tough transition for us. we were expecting a different world, but we have adjusted incredibly well, and i think the story is about what consumers want. the team did a great job on execute been that. >> you have execute in that sense three times. what was it in the turnaround that was most important to execute, how did you do it and what do you have left to execute? >> you know, i think the air of

entrepreneurs is to be aggressive. it's an air that you will always likely make to some degrees, but making sure that you focus and execute well. you have to do all the things right. there's tense of thousands of decisions up to make, you have to have people who care all along the chain. i think our execution has been very strong. we've alls been well positioned. it's always been a big economic advantage, but we have executed very well. and our goal is to continue. >> do you sell many used electric vehicles in and if so, what percentage of the sales are they? >> we do. evs make of a meaningful pores of our sales. we sell dispropotionately high levels of evs, to the entire mix

of customers, whether it's age, income or any demographic that you look at. we do skew a little more younger, more affluent, and we're making investments there to make sure their experience is great as well. >> can you make tyler an offer? [ laughter ] >> that's not what i was looking for, but we'll talk later. >> give us a call. >> thanks, ernie, we appreciate it. the 2024 presidential election, have you heard about it? it's right around the corner. when it comes to cash, donald trump is reeling in the big bucks. we'll discuss the megadonors backing the former president's campaign, when boil polyreturns. "power lunch" returns. your shipping manager left to “find themself.”

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welcome back. the presidential battle for the big donations from billionaire donors is on full display this

week, with some signs indicating that trump may have the edge. megan costello has the details. >> that's exactly right. donald trump is winning the race for those donations. more than $42 million through the month of april. that compares with about $35.5 million for the biden and the democrats, and puts trump at a $7 million edge. top donors have been spending big. some giving more than $10 million. and on biden's side, reed hoffman leads the way. now, one big question from here a what other megadonors may get off the sidelines, especially a growing number who had distanced themselves from trump after 2020 are coming back to support him.

others who have supported democrats in the past are warming now to trump. that includes both elon musk and bill acman. guys, i spent yesterday with goalman, and he's in quiet support for trump. it's not as more pro-trump than anti-biden, but he says the moment actual is shifting. >> i thought biden has had an early lead. what has happened that turned the big donors in trump's direction? >> you're right. he did have the lead. he still leads in terms of the money left in the bank, at least as of the most recent data, but the tide seems to be shifting. i would say it's a couple things, gold ma'am talked about a concern of another four years of biden. most was about regulation, the reality that corporate tax hikes

will likely increase, and it also was interesting, in that the verdict, the guilty verdict on 34 counts last week seems to have actually riled up trump's base, and many of these supporters as well. m venture capitalists came out, and said, now i have decided to support donald trump. there's a number of things there that actually turns their support and throwing money behind donald trump. >> megan, an interesting year ahead. i know you'll be all over it for us. thank you. still ahead, hpe shares are soaring day, and eqwe'll hav more, next. at&t it's super-fas. reliable. you locked us out?! arrggghh! ahhhh! solution-oriented. [jenna screams]

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time for today's three-stock lunch, folks. here is boris schlossberg. he is a cnbc contributor, first up, boris, best day in year for hewlett-packard. your trade on hpe? >> yeah, you know, cheap stock

with improving fundamentals. there's very little not to like here. it's an expensive way to play ai. they have improved because they were able to fulfill their ai demand. smi. there's a tremendous amount of discrepancy that's favorable to it. generally, as it goes forward, the stock looks attractive. it's a slow and steady stock but could as much as 50% upside the next two to three years. for conservative investors, the interesting play here is you can sell the december '24 calls for 22.5% yield and 2.5 dividend as far as the trade goes. it's a generally good-quality stock at this point because they're going to ride that ai wave hopefully to more profitability. >> up 16% this year. let's move on to campbell soup, totally different segment here. i don't think there's an ai play with campbells.

they beat earnings and revenue. snack business is facing pullback in consumer spending. what do you think of this one, boris? >> i think it's a grandma stock. you know, campbell soup isn't going anywhere. its internals are better than industry. industry margin is around 5%. their man gin is 8.25%. if they can make the snack business grow or actually expanded a little bit, which owns reyes pasta sauces and pasta. if you can grow that business, acquire something else that has a little better growth, they should be quite okay. this is similar stock where you can sell the 47 calls for january '25, 17% total yield plus a very nice 3.5% dividend. pretty much a widows and orphans stock. at this point, having flattened out and looking better on its free cash flow should be a good play going forward. let's move on to lululemon

on deck to report its first quarter results this afternoon. the company has been faced with slowing sales growth and concerns over growing competition in at leisure. shares down a% today. what's your trade on lululemon and the enduring appeal of leggings. >> yes. so, not a stock i want to own right now. i'm neutral on it. it's not i don't like it but i'm neutral on it. the bear case is that lululemon could become like under armour, irrelevant going forward. i don't think that's the case. there's a tremendous amount of loyalty. if i go by my wife, there's a tremendous amount of loyalty amongst the consumer female base. can they expand overseas. can they convince europe, east asia, that at leisure is respectable clothing. if they can expand those markets, leap that cultural gap, i think growth can really go

forward. that's something i would like to see in the next two quarters going forward before i would commit any capital. right now stay away. >> it's interesting, too, we had a segment last week on the return of denim of all things. and very wide flared denim pants, which is exactly the opposite of stretch, tight leggings. so, you wonder whether that day, we've reached peak legging. >> maybe. tyler, i'm just waiting for the big side burns to come back. i'm old enough to remember those, too. >> what do you think of the market right here? we have a fed meeting next week. is the market likely between now and election day to sort of tread water? >> you know, that's the consensus view. it's my view but it's determinative market. it keeps going up and up and up. i think everybody is looking for the economy to roll over and die. it just refuses to do so. so the easy call is to say,

probably going to roll over. but the hard call is actually to stay long and strong at this point as it keeps going up. so i've been chastised by the market for sure. >> well, we have all been schooled by mr. market at one time or another. >> haven't we all. >> boris, thank you. we appreciate it. remember, always hear us on our podcast and comments on leggings. be sure to follow and listen to "power lunch" wherever you go. we'll be right back. ♪ ♪ i am, i cried ♪ [ laughing ] ♪ i am, said i ♪ ♪ and i am lost and i can't ♪ punch buggy red. ♪ even say why ♪ ♪ i am, i said ♪ ♪ ♪

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the road to opportunity. is often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go. ♪ welcome back. take a look at the dow up 117 points, near session highs. the nasdaq up nearly 2% now and hitting another all-time high today, believe it or not. and nvidia, a big driver there. it's now up around 5%. also, a record high over $1200. remember, it's going to split soon. and it's very close to being the next $3 trillion company, trailing microsoft and apple, but not by much market cap. if you squint you can see it there, 2.996 t.

we have 2:30 left in the show. several more stories. new york city is putting congestion pricing on pause. governor kathy hochul indefinitely postponed the implementation of the program. timing isn't right. businesses are still recovering from the pandemic. slew of political issues as well. i fail to see how it could be good for new york city in the long run to make it that much more expensive. >> listen, i don't drive into the city all that often. i happen to be going the next couple nights. but you have to go across the bridge, 15 d$15. you have to park, $50. add 15 to this, it's a serious disincentive, a serious piece of inflation for people who are coming in from out of town or want to come in for an evening. i just wouldn't do it. >> sure. she is just saying it's a delay for now, but there has been a lot of pushback. >> the people who get hurt the most, that's a regresive kind of

tax. the people who get hurtare the people who have the least to spend on that discretionary. diamonds, they may be forever, but demand isn't. prices of the precious gems are down nearly 6% so far this year and whopping 30% since 2022. what's behind the decline is dwindling demand in china and a growing preference for lab-grown stones. and people, of course, there are fewer people getting married. the age of marriage is later and maybe not so much demand for diamonds. >> that's true. i'm so curious. people who got their diamonds back in the day, what i want to know, do they upgrade, let's call it, to a lab-grown one that might be much bigger and flashier, the younger generation, that's what they have. what's going to happen to the mine diamond trade all together. curious to see. boeing launched its first starliner flight. two astronauts aboard this morning.

10:52 a.m. launch from cape canaveral florida. the rocket released the starliner capsule and orbit as planned. the flight going as expected, according to mission control. >> carrying astronauts to the space station for the first time on a boeing craft, if i'm recalling directly. that will do it for "power lunch." thanks, everybody, for watching. we appreciate it. time for the launch of "closing bell". >> right now. ♪ thank you, guys. welcome to "closing bell." live from post nine here at the new york stock exchange. new high for the nasdaq, new dra day highs for the nasdaq and s&p. the so-called wall of money that goldman sachs says can keep this rally running. we'll explain coming up. ask our experts whether they agree with that. take a look at the score card with 60 minutes to go in regulation. we're higher across the board. new intraday records for the s&p. new intraday for the nasdaq. closing highs for both of those, too. we'll track it ove