stut say the instituted $20 per hour wage. their opinion on that one. >> heard people say it's end of fast-food in california. i don't know if it's true or not. >> in-n-out burger. ooh. good stuff thanks for watching "power lunch," everybody. >> "closing bell" starts right now. welcome to "closing bell." i'm scott wapner live from post nine here at the new york stock exchange. break our break hour begins with the rally's next leg. hinges more on the all-important jobs report or nvidia's momentum with media. meantime, scorecard. 60 minutes to ge in regulation. stocks waiting for the day to dump tomorrow. nvidia taking a breather today. rare respite in that stock's incredible run. the $1,200. we'll watch it. other, green including meta, amazon, microsoft a stiff negative entering this final hour. lululemon a standout following

earnings. nice jump for a stock pummeled. you know the story. up 5% today but bas down 40% year-to-date going into that print. takes us to "talk of the tape." trim or buy in? yep. nvidia, because it seems everybody else is, too. dean of valuation called it greatest company ever built. others suggest gotten a little too crazy. who's right? ask a cnbc contribute here is at post nine with the joe etf if which nvidia is top holding. >> absolutely s. is. >> what hinges? job report tomorrow or lack thereof from nvidia? >> can't dismiss the premise tomorrow's unemployment report will impact the tape. i think it clearly is and one of the reasons why is because so much uncertainty surrounding what the market is going to react to. does the market know what it

wants? cooling inflation, or a cooling economy? i'm very -- i think the market is unclear in that regard. so going in there doesn't seem to be an expectation in either direction. i think that's going to create a push/pull dynamic. i think the market reacts to the unemployment report. if the market corrects i think you have to look towards the super six which is led by nvidia as the source of being support underneath the market. >> so if nvidia continues its momentum, the market's in good shape. if nvidia loses its momentum, is the market in bad shape? is it that binary for one stock? >> yeah. well, all you need to do is look at what the data score is for nvidia. it's above 2.25. that's double what microsoft is. we keep making the market cap comparison between microsoft and nvidia. yes, and apple. well, but that has low er data s

well. microsoft larger market cap but nvidia more power over the marketed because dpata is highe. a lot of markets share that very high data. nvidia really is the market beholden to direction of nvidia for shoe. >> until when? is that healthy? >> i think to a certain -- i don't see it as unhealthy. >> hinged to one stock? >> okay. but is there evidence to support it? the evidence is earnings. look at last earnings season. you have eps growth of above 50% for the super six. the rest of the market, the other 494, flat eps growth. so, yeah. i mean, there's solidity in the sens sense -- validity. in escrow. expected trajectory for the escrow of super six in particular for a nime like nvidia, and you're going to be

seeing the deceleration over coming quarters and not get that 50% eps growth. next quarter probably 25 to 30% eps growth. you're going see deceleration. to your point. at some point the rest of the market is going to have to participate here in the second half of 2024 to hold the rally i. feel like you really need tomorrow morning's number to be in a sweet spot. right? >> what is that, though? >> that's where i'm going with that. it's like it can't be too hot, because then the market's going fob like, well, reaccelerating again. yields go up. back talking about that. you don't want it too weak. in a week in which we've talked about growth scarce rates falling and stocks falling. there has to be a happy medium somewhere. for that number tomorrow. that's going to make everybody feel like it's a goldilocks number i don't know what the number is. we'll find out how the market views it tomorrow, but is that the situation we're in? >> absolutely. look, i don't think you're looking at the headline. what's the consensus

expectation? 185? goldman's at 160. most people think the unemployment rate stays consistent at 39. look at wage growth and the wage growth is expected to fall. i don't know. i don't think anyone has a clue what the perfect number is. remember something. correlation between what yields do and what equities do seems to be lost in the last six days. >> this week a couple days. right? this week a couple of days. >> okay. well six days ago a ten-year treasury was 463. sitting here today, ten-year treasury is 427. five year near 5%. five year at 471 as we speak. >> 49. two year you're looking at. >> two year. fallback in yields nearly 30 basis points and didn't see a correlation you would expect with equities. really what lifted us was nvidia this week. >> what about the idea that goldman puts forward yesterday

that, let's look ahead to the second half of the year. to the third quarter. and a "wall of money" coming into the market and therefore the cost of being short is really high right now. negative the market. put all of that together with cuts coming later in the year, you really want to be negative the market? >> i absolutely agree with that and one of the reasons why i've personally rotated my position around. i've been adding into the areas where i think if, in fact, growth is slowing, investors and speculators will find the premium. that's in quality. begin wis the super six. i bought the slg. talked about that yesterday. i think there's areas of health care that you want to begin to build positions in. whether it's biotech or merck or am amgen. s i bought recently. i think the market wants safety overt coming month, but that doesn't mean just because it

wants safety it's going to correct. you're coming into what goldman points out. you've got the two strongest days in the early days of july historically for the market. >> right yorchl. >> i don't think you want to push against that. >> broadening of the market hinges on tomorrow. >> correct. >> and bring in our guests. bank of america private banks. good to have you with us. how about that note? at stake tomorrow maybe more than anything? re-emerge, of a broadening market? >> yeah. i think the broadening of market is really important. look at the median forward pe of the top five market cap it's like 31.5 times relative to the rest of the market that's around 18 times. so i think we are in the fir year, of multiyear investment cycle around generrative a.i. not worried about the tech names. broadening on the earnings front is a really big part of the

story in how this bull market continues. now, tomorrow's non-farm pa payrolls think will tell us we have a healthy labor market still normalizing and we saw hints in today's jobs data. >> max, size up the market for me. what's hanging in the balance tomorrow? look at that plus nvidia the story almost all week. i'm trying to figure out what carries more weight to where are we go from here. now how we got here but where we go now. data supportive of buying stocks or nvidia's momentum to keep the nasdaq and s&p hitting records jir. >> i think a bit of both. look at any number around 150 to 200, no think makes an awful lot of difference. 150 or 200. both looking goldie locke. a bit more important, too, tomorrow, what's happening on the wages side of things. wages really do accelerate again, particularly month on month basis a bit of unwelcomed

news, particularly on the bond side of things. particularly off of that rally from the last couple of days and then rates. but overall, i think it's pretty strong likelihood we're going to get some sort of goldilocks number tomorrow. and that should help the overall market. right? it shouldn't just help nvidia. should help the overall market really to participate a bit more in the next couple of days and weeks. i do think in terms of broadening out story, when we look towards q3 and q4, you guys talked about earnings of nvidia and super six. i think a worry i have from the third quarter onwards is that really the market consensus is saying, look, q3 actually earnings growth of the super six is really going to decelerate and the other 494 take over. right? then really those kind of names that actually will be finally participating at much stronger earnings growth. so the worry i have from the q3 reporting, from october, november onwards, perhaps is

growth is just fine, but given that expectations for absolute aiming fantastic growth, you know, is probably going to be a little too strong. that means there's a little bit of disappointment ahead, but it's too early to position for that. >> what about, speaking of positioning, then, wells fargo today says industrials, materials, energy, health care. good long-term growth potential. valuations are obviously cheaper than what tech would be. what do you think about that call? >> yeah. where you have a big overweight in u.s. equities over the rest of the world. i agree with some of that. i like energy for free cash flow. i like health care for the innovation that's happening over the next five years. it's going to be about large biopharma and devices, i think. sentiment is really tepid on the space now, which perks up my interest. i like industrials. especially defense. in a world of red hot

geopolitic. international defense budgets will continue to rise, i think, but i also think spending on infrastructure is a theme for the path ahead and finally the consumer. talking about the labor market, the consumer's going to go the way of the labor market. our internal data shows the consume sir quite resilient. maybe moderating a bit. maybe making choices, but if you look at air travel, memorial day weekend set records. broke records. and summer travel is going to continue that trend. so the consumer is still out there spending. so i like discretionary as well when i think about u.s. equities. >> joe, bofa large conviction in large cap values cyclicals and dividends. what are we talking about there? banks? >> talking about banks. >> industrials? >> yes. they are. that's the 494. the complexity for the 494 is this -- the 494 needs the rate cuts, scott. and they're going to get the rate cut. my opinion, federal reserve will deliver the rate cut this year.

>> rate cut? a lot of sectors up pretty decent year-to-date. no rate cuts yet. >> but there hat bees been earln the year a very strong belief rate cuts were coming. i think that's been a degree of a catalyst. more recently we've called that into question. the 494 needs the rate cut. i think the fed delivers it. i think the fed knows they're too restrictive and if they didn't know that they wouldn't begin to pare back quantitative tightening. don't forget that did that. problem with the 494. if in fact the federal reserve is delivering the rate cut because the economy is cooling too much, that kind of pulls the rug out of the premise that the 4 94 and broadening forget can ultimately happen. in a environment definition of what speculator will do is they're going to go right to where that safety is, and that's unfortunately the large caps. >> large cap stocks like that, do you they need no the goldman

sachs, they need a rate cut? a record high? >> large cap dividend stock doss. i think the universe of large cap stocks, the value large cap stocks that will perform well is small. >> what about -- speaking of small, what about small caps, because ubs is stalking about those today? they have, see particular opportunity there. speaking of needing rate cuts, that has been the view. don't buy small cap stocks. can't trust it until you get rate cuts. >> lean up in quality any small caps until we get the first rate cut and then you'll see broader participation, i think in that small cap story. we all know valuation, the story is in place for small versus large as well as value versus growth. i think there's four ingredients that let this bull market continue and i don't think it's necessarily the fed rate cut. i think it's liquidity, like you mentioned earlier, scott. i think it's a solid earnings story and we're seeing positive revisions right now.

i think it's going to be bond yields that stay pretty range-bound between now and the end of the year, and then i'll bring it back to artificial intelligence. it's the innovation story that doesn't just impact tech, but is going to impact every corner of the economy, and i think those four cat lifts ultimately keep this bull market going. even though we all know an election year, likely we get volatility this summer. use weakness as a buying opportunity. >> marx, last word. finishes up there to react to the that. >> i would slightly disagree. small caps to me in the u.s., problem is that we start the four, five months ago with very, very subdued growth expectations in the u.s. recall that for q1 and q2 consensus, zero rate growth for 1 and 2. consensus is much, much more bullish. the problem i think from here on, the upside for growth for the u.s. is really very limited. whereas we could see a bit more

on the down sides, private side, in the upcoming months. problem with small caps, of course, almost 40% of the companies don't make profit or got around 40% on a floating rate. in the sense basically if growth is too strong and yields rally, yields go up again, probably going to suffer through the rate channel, if growth actually starts to be much more lackluster. again, suffering through that really weak profitability angle. to me on small caps much rather look at european small caps, because that's when people have become much more bearish over the last months and really the last couple quarters, almost expecting nothing. you're only now starting to see upgrades to consensus early and down forecasts. european growth story actually in the next couple of months has upside surprise. >> you didn't mention the rate cut from the ecb as potential additional piece of stimulus that's going to help stocks like

small caps. appreciate the time. leave it there. max and marcy, thanks. joe's staying with me. i want him to react to the next story. ftc and defense department set to open investigations into the likes of microsoft, a.i. and nvidia. >> multiple sources familiar confirmed to cnbc the department of justice and the federal trade commission are in the final stages of a deal to divide up antitrust inquires into nvidia, microsoft and openai. several dominant players in this rapidly emerges space. first reported by the "new york times" this morning, the deal, largely covers investigations into behavior of the companies, i'm told. not focused on merge, and acquisitions by those companies. two types of investigation there's. i'm told the department of justice will look at taiwanese chipmaker tsmc in any upcoming investigation according to a source familiar with the matter.

operations under the united states, comes under the department of justices jurisdiction signaling the effort is focused and hardware and ship piece of the industry as well as software and large language model side of the thing. according to are the terms under discussion, doj will take the lead on investigating whether nvidia violated any antitrust laws and ftc will lead examinations of openai and microsoft. unknown in all this what evidence, if any the federal government would produce suggest violations of the law happened here. all of that a long way off. scott, the way to think of this is we see turf wars in washington all the time. this appears to be an attempt to prevent the turf war between the ftc and doj. carving up the different turf in advance of any investigation. see if that works. >> seems like every piece, though, of the government perhaps wants a little piece of big tech. we'll see. >> yeah.

>> what they get out of it, if anything. eamon, thank you. eamon javers with the latest. joe back with us. you hold a lot of these companies within your jt etf. haven't hear regulatory noise before from d.c. hasn't amounted to much in terms of stock performance. not going decades back to the landmark microsoft case. how do you think about this? >> so you look at, in particular, nvidia. they've been very clear directing their chips to their customers who will actually be using those chips immediately. now does the doj find that potentially that violates some anti-competitive law potentially? what's the ramifications of that? we know most likely a fine. that is not a reason for anyone that is holding the stock to think about paring back the position or moving away nor impede the growth potential for

this company itself. we hear about these stories a lot. i understand the reasoning behind it on the part of the ftc and the doj. this has been something that's been speculated about several months now. i really want to be clear. it's not something that motivates you to move away from the positioning. >> but it's moving across almost the entire mega cap space. right? we need to mention apple in this latest report. obviously news within the last month. microsoft's a part of two of these stories. >> it's not unsurprising. europe has been investigating looking into the anti-competitive dynamic of these conglomerates. i think this is a story that's going to stay with us on the other side of the election. whichever political party takes control of the white house. >> that's the interesting part too. here we are beginning of june. election in november. you know, opening all of this up at a time where, who knows what the administration's going to look like.

whether the same or different come beginning part of the year, and not that long from now. >> as a holder of these companies, that's what you begin to think about, because, look. jensen wang is in pie juan this past week. we understand the importance of taiwan. that's where the large supply is coming from for the parts that are needed to be, to build these chips. that's the larger question. that's the big concern that a speculator or money manager has to have when looking at holding these mega cap companies. it's what ultimate happens in taiwan? >> leave it there, joe. thanks for sticking around. joe terranova joining us. to kristina partsinevelos for biggest moves into the close map do you see? >> start with salesforce a vote of confidence from activist investor value act. missing estimate earlier first time since 2006. salesforce board member and co-ceo mason increased a stake in crm.

ticker salesforce, to just under $1 billion. move made earlier in the week recently disclosed in regulatory filing and seeing shares up 3%. speaking of boosting confidence. instacart announcing a $500 million share buyback program. that's its third buyback round since last september. a buyback we know adds stability to shares that now are unlocked or period past. shearses 3ds.50 above its september $30 opening ipo price. scott? >> we will see you shortly. thank you for that. just getting started here. up next, opening arguments in the nfl's high stakes sunday ticket trial. kicking off in los angeles today. we're going to bring you up to speed on the very latest. what's at stake and the big names that could be taking the stand as well. plus, investors awaiting tomorrow's critical jobs report. talking to a top strategist about what it could mean for the future of this ralrally.

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now, plaintiffs estimate damages at $7 billion and because this is an antitrust case, damages could be tripled to as much as $21 billion. the nfl disagrees saying they "deny plaintiffs claims and contend that the agreement challenged by plaintiffs ensure that consumers across the united states have broad action to watch competitive and exciting nfl games at various prices." so now we could hear from nfl commissioner roger goodell as he and cowboys owner jerry jones among big names listed as potential witnesses. scott a source tells us, though, the nfl believes it has a strong case. we'll watch to see how this plays out. >> any indication how long this trial could last, julia? >> i'm not sure. it's really iremarkable it was originally filed in 2015. talking about nearly a decade since this was originally filed. typically class action suits

like this do not actually come to trial. there was a sense it was either, there was originally a dismissal. then reversed. maybe it would be settled. fact it made it this far, not sure how long the trial will last. >> not the mention the fact directv doesn't sell this anymore. sold through youtube tv as those of us who have the sunday ticket package understand full well. >> and to think about how much the home media landscape has been transformed since 2015 when this was first filed. not only has the rights to sunday ticket changed hands from directv to, over to youtube tv, now we're seeing the nfl stream games on peacock. or now coming out games on netflix as well. quite a different landscape than nearly a decade ago when this all started. >> >> points you make. thank you. up next, four factor in favor of the bulls. ned davis and flagging key

things, ed clissold. he'll talk to us after the break.

s&p and nasdaq try for

record highs closing. bracing for tomorrow's report and what it means for the fate. good to see you, ed clissold. you say stay bullish? >> yeah. not a whole lot of reasons to get off what's been so far a really good year. the q1 earnings season is wrapping up with over 80% of companies beating estimates. looks like q2 an acceleration in earnings growth. looking at economic slowdown. no immediate recession. the excessive optimism we saw in march has been largely worked off. a little crept back into the market hitting new highs again but not as excessive as it was back in march. and the long-term technicals look positive. two-thirds of stocks above 200-day averages. short-term technical data to keep an eye on. the most part a bull market until proven otherwise. >> optimism not as extreme.

some would chuckle saying have you been watching ing nvidia la? >> certainly there have been pockets. i think that's probably simp 34 simpmatic what you see in the technical side as well. more people pile into smaller names lots of stocks participating. look at, say, when we made new highness may, averages fewer stocks above their 200-day moving averages. more than in march. still a high level, but you want to watch out it doesn't become too narrow. these things usually unfold over several months and you have a few cycles of new highs with worsening breadth. don't want to jump the gun but something you need to keep an eye on particularly with summer rallies listful not a lot of volume that can lead to a bigger protection in the fall. that's on our radar. >> does the move in some of these mega cap names make you at

all nervous it's too much or embolden you to be more bullish this is where the leadership is and will remain, keep riding it? >> well, look at the earnings at a lot of these companies, that they've produced, they've been fantastic. what i really like about it, they've refocused on shareholder capitalism. you've seen a re-emphasis on buybacks, increasing dividends, which we haven't seen as much in the last couple of years. amazing these companies can on the one hand put billions into a.i. and other capex and the other hand return so much to shareholders. the fundamentals support that. in that regard it's okay. we just want to make sure they don't become the only game in town, in which case then when they inevitably have a problem, not enough for the market to stand on. >> you listed reasons why you're remaining bullish, one of the things i heard you say was, the economy is slowing. that that's a bullish signal.

presumably because you think rate cuts almost under any circumstance are good? >> well, thanks for asking me to clarify. it's pretty much a soft landing. a hard landing certainly a negative scenario and a soft landing, the fed would cut rates slowly. what they did, say, in 1995, and the market did quite well. when the fed cuts very quickly, that is five or more times in a year, what they started doing in 2019, 2001, 2007, to do that because something's gone terribly wrong with the economy and they're chasing their own tail. what we don't want to see. so a slowdown activity that comes with a few rate cuts, that's a bullish scenario. the other scenario would be really problematic. when you get the really nasty bear markets around recession. >> fail like playing defense or barbelling your portfolio, your favorite defensive sector is utilities. now, they've been sort of swept

up in the a.i. hoopla. obviously, know, what has been a more recent rally isn't a big rally over a long period of time. how do you see that space now? >> yeah. there are, our sector overweight at the moment for what you just said. they have a defensive nature to it. as rates come down the competitiveness of the dividend yield that you see in a lot of utility stocks should look more attractive. a little a.i. kicker. we don't overemphasize. still talking about an industry that's going to grow less than the overall economy, but they have, you know, growing faster than they have in quite a long time. so if want to get defensive and you want to add stocks to your portfolio that maybe could hold up better during an economic slowdown that would be a sector to look at. >> what would you avoid altogether? >> yeah. so two underweights at the moment, real estate. a lot of bodies still buried in

that sector particularly on the commercial office side that we'd be cautious are. then consumer staples another defensive sector doesn't seem to be putting up kind of growth and maybe the low-end consumer, seeing a little more weakness in the economy may show up there in some of the earnings. those are some areas we focus less on at the moment. >> even as the consumer gets more bifurcated, perhaps, you don't think that stapleless do well? >> yeah. get a little more granular here. look at the one that maybe staples have, high-end consumers would probably hold up better. ones focused more on the will of the consumer ones a little let interested in. >> leave it there. appreciate your time. thank you. >> thanks for having me. up next, track biggest movers heading into the close. >> scott, one stock volatility up almost 80% this week. another plunging on an attempt

to help its struggling balance sheet. those names and more after this short break.

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a little more than 20 away from the closing bell. back to chris mean with stocks she's watching. what do you see now? >> well, watching a guy now name's keith gill. leader behind roaring kitty account at it again announcing a live youtube chat this friday afternoon. first live stream in almost four years. traders online speculating talk about massive gamestop stake. why shares surged over 40%. briefly a ly halted now up 42% because of a youtube live stream announcement. hertz shares dropping on report considering sale of at least

$700 million in secured debt and convertible note offering. up a in an effort to help out of its balance sheet. recall in april new ceo promised to get the company back on track after a failed bet on electric vehicles. smucker's shares headed for best day in almost two years profit driven by what else? higher prices. jif peanut butter gone up, cost cutting and hostess brands. the company saying uncrustable frozen sandwiches are a hit. heard they're popular at festivals, marathons and adult lunches at our work. >> you've heard. okay. take your word for it. kristina, thank you. kristina partsinevelos. still ahead, lyft shares shifting into high gear. tell you what's behind that and if the stock's strength can be sustained. that's coming up. the "bell" will be right back. one of the ways i think we can combat anti-gay sentiment it first understand what it means to be gay. for me, at least it has been a

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shareholder meeting. the board chair joined us on "squawk box" this morning. >> fair noness to our ceo. what's happened tremendous value creation and he's led that front. obviously tesla has been instrument until it. if you sit back, shareholders benefited tremendously. over $730 billion in value creation. employees have benefited tremendously. they're allshareholders in the company. so their stock has risen. customers have benefited by the tremendous innovation, and the only person who hasn't been paid is actually the leader of the company, elon. >> with that full interview head to cnbc.com/propick or scan the qr code to watch the rest of that. up next, docusign top of the hour. everything you need to watch for when that print hits the tape.

that and much morehe wn we take you inside "the market zone," next.

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with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him. good game. thanks for coming to our clinic, first one's free. now in the "closing bell" market zone. cnbc senior markets commentator mike santoli to break down the crucial moments of this trading day. julia boorstin is back to share what's behind lyft stock today and kate rogers in "overtime." this day seen ahead of a business one tomorrow. >> idling, neutral here. not the worst thing. a really interesting breakdown, because you still see new lows for the last couple weeks made in treasury yields.

not a lot of traction in those parts of the market as i've emphasized that have come to be beneficiaries of that sort of thing, but also isn't outright panic. trimming around the edges. nvidia continues sit downing a couple percent to consume a lot of the energy of this market. it's right now on pace to trade $75 billion worth of its own stock today. >> wow. >> like 12 times apple today. 20 times microsoft. what are we doing here? obviously it's a lot of the echo effect of all of the public excitement in mechanized trading in fall mechanisms. shows you that fix ageation and running parallel to the whole market background. >> dangerous, though, if all that activity is around one name as we sort of suggested at the top. dangerous is a loaded word. you know what i'm alluding to? >> potential instability in that stock at that level. huge stamp paids.

at some point crescendo and pull back. it's acting in a way so much in contrast to the rest of the market that index level volatility is so low. people are feeling confident betting on continued low volatility or selling a bunch of index options. i don't think that's necessarily a trap right here, but it is fascinating as a dynamic. if the rest of the market is lg to sit still as it happens. >> it is fascinating. a good word used. julia boorstin tell us about lyft today. >> lyft shares gaining more than 1%. off bets level of the session. today's gains on the heels of the company's first investor day held this morning. the company gave a stronger than expected three-year outlook. lyft announcing it expects gross bookings to grow about 15% in a compound annual rate over the next three years. the right-share company guiding to adjust ed ebitda growth margins growing about 4% in 2027 ahead of estimates.

the ceo saying financial announced today healthy topline growth and margin expansion delivering on our strategic priorities. with today's move the stock now up over 50% over the past year. scott? >> julia, thank you. do you have a thought on this one? >> really, so many charts that look like this, because if want to pull up the five year. >> yeah. >> i mean, up in the 60s. not that long ago. >> pull up from when the fed started hiking rates. >> exactly. actually kind of crashed into that, that. yeah. last part of 2021 when it peaked. interesting a lot of them had slow gradual bases they formed over the course of literally two years. there's probably something real to the fact that people are seizing on incrementally positive signs fundamentally. it's really reminds me of the old, old days when it was thought inthem to keep amd around so it wasn't accused

being a monopoly in pc chips. uber needs lyft, not that they're helping them, but the world needs live-ft' lyft to be alternative. >> and adjusted revenues when docusign reports after the bell. shift focusing becoming an intelligent management platform makes since in their view. materializes as docusign trains gtm board. expecting results to come in mod testily ahead of expectations and guidance to see a slight raise as well consistent with recent performance. reminder may 31 is docusign completed acquisition of a leading a.i. power agreement management company, but the stock is down nearly 8% year-to-date. although up right now. back to you. >> kate rogers, appreciate you, thank you. what do you think about this one? >> similar story. but this one is more the

pandemic pull-forward. it's got the kind of zoom issue. which is the pandemic had them prove to everybody why they were necessary and it was a big deal and, therefore, lots of copycats, lots of pull-forward demand. again, it's been a rough spot for, i guess, more enterprise-related software as opposed to some distributed, consumer stuff. no grand thought, except look at the kind of the mountain to the sea chart. >> yeah. we have it there. >> top of the show i asked joe about tomorrow morning. really hanging on this, and how much of a sweet spot does that number really have to hit just given some of the fears maybe you have this week of growth scares and yields falling and stocks falling for that reason. now it has to really thread the needle with the perfect number. >> it's fair in the sense we are really sensitive to the idea that things could be faltering more quickly. i still think bad news is kind of bad news.

meaning, you know, something way below 100,000 new jobs last month. unless as tterisk in there why happened. the unemployment rate, no the that far if it ticks a couple increments where you trigger those, hey, this looks recessionary. again, those are "ifs." i think in general even though adp missed you did have claims come in a little higher than expected today. >> and just this week. >> and in general still in the moment of forgiving a labor market not really showing a lot of job loss. openings a lot, but so were separations, which is quits and firings. i feel like we're okay in this. the question to me is, has the bond market already sort of priced in benign or weak job number. in which case you get a bit of a -- >> look at yields. come down so much from the highs

of not that long ago. >> no. 428, 429 on the ten year. may 15th i think 462 or thereabouts. it is interesting. the actual level, though. 430. take you back as the chart shows a couple of months. okay. so a couple of months ago what were we doing? surprise index blowing away the upside. weak acceleration. my point, 4.3% is not saying, oh, the economy's in trouble. it means maybe soft landing. sort of on the fairway thinking that's a possibility. >> see if the number tomorrow morning is hotter than expected. then we have to consider a bunch of other scenarios. >> why i don't think the bond market is leeaning in that direction. a surprise if it looks inflationary. a lot of disinflationary indications between what's happening this week in oil. happening in labor cost reporting this morning first quarter. yeah. i feel like people feel better as inflation and, therefore,

need to worry about something brings you to worry about the growth and whether nvidia will eat the entire index. >> watching towards the bell here. [ closing bell ] putting in another s&p high. not pointing it there. a settlement and all that. takes a little time to figure it all out. see you tomorrow. markets broadly, nvidia specifically, taking a break from the record-setting push higher. just about bang-on even as tension turns to tomorrow's jobs report. that's the scorecard on wall street. winners stay late. welcome to "closing bell: overtime." i'm jon fortt with morgan brennan. >> ahead, earnings from software docusign and samsara. bringing you numbers soon as they cross. >> plus, morgan stanley's global chief economist seth carpenter joins us with his prediction for