because i hate it when my trouser leg displayed too much. >> you don't like that little peek. >> but they're harder to find. >> not anymore, i guess. that's about it. >> that's the sock indicator. >> on that note, we're going to say thanks for watching "power lunch." >> "closing bell" starts right now. welcome to "closing bell." i'm scott wapner. this make or break begins with a critical week for the market. we will ask our experts over this final stretch. also coming up today, an exclusive interview with boston celtics lead owner, wyc grousbeck. we'll talk about stunning the sports world by announcing the team is up for sale. we'll discuss that as the larry o'brien trophy, there it is,

it's going to make a big appearance add post 9. check out the scorecard with 60 miss to go in regulation. some uncertainty in the market after early gains. ahead of the fed chair's appearance on capitol hill tomorrow. lots of economic data is on top along with earnings season getting under way. takes us to our talk of the tape. whether this rally can keep going if the economy is slowing and the fed isn't cutting. let's ask adam parker, ceo of trivaret research. good to have you here. that is a question, right? there seems to be more questions now, adam, about the state of the economy and where we're going to go from here. we've come a long way. market's done real well in the first half of the year. now what this is. >> well, i think the fed commentary tomorrow will matter, for sure. no big earnings prerelease. i my suspicion is september is

when you'll see downward revisions. the numbers for the second half of the year are still too high. >> you think they're too high? >> yeah, and too high for next year. 14.5% growth is what's in the numbers for 2025. >> you think the market multiple is too high as well, 20 plus times? >> yeah. i think you walk in the door now and you say, okay, what do i need to believe to get 10% plus upside, 6100 on the s&p, right? i have to look at '26 or '27 earnings or embed a lot of multiples. that's why people have been cautious. the question is, does the narrative change at all about the dream a.i. can give beyond earnings in theout years? if that narrative changes, we'll get a correction in the equity market. if people believe the dream, it could be okay. i think equal chance, 10% up, 10% down. >> you've been saying that for a while. >> it feels like it's hard to get there.

i think it's hard to get 10% upside without it will be up a lot. >> is the dream court the rate cuts the market is expecting? is that the key to the dream? >> that's been the whole focus. i feel like a broken record talking about the fed going to lower interest rates but that's what the fed continues to be focused on. as we get data out, unemployment ticked up. if you see the pce numbers continue month over month we would be for target by the end of the year. all of this is showing there's a higher likelihood the fed will cut rates at some point this year. interestingly enough, we're seeing more money go into cash. we're over $6.1 trillion. that just went up last week but the highest amount in the last two months. people are still nervous. there's still a lot of money to go in the market which adds the whole idea you could eeventuall see a melt up.

once money markets aren't paying 5%%, money will make its way back in. the question is when, but i don't think you want to be behind that. >> i'll say something crazy. if there's one maximum we all believe in, i've said this and written it a hundred times since 2011, don't fight the fed. yet i know the market gets increasingly anticipatory. once we learn something, it's three months before. maybe the crazy thing this cycle will be that you kind of -- yeah, maybe you sell the first cut. basically you're already paying for some accommodation and people will say, i buy the market -- i bought it since jan '23 thinking we're close to hiking. now maybe it's hard to get multiple expansion and i need the earnings to come through. maybe that's what's different this cycle. the one thing everyone believes in is no longer the case. >> as the data has been softer over the last couple of weeks, i wonder if we're coming into the

risk zone of the fed cutting too late. by the time they do cut, it's too late. >> it's a fine line. it's a tough position they're in. that's what they don't want to do is cut too soon and create a melt-up. i don't think we're there yet by any means. if they are cutting and it's a high likelihood they'll cut by -- a higher likelihood by september, i think in that range the economy is still holding up. inflation is a concern for consumers but incomes have been going up higher than inflation which is why the economy has continued to hold out. i don't think they'll be behind the curve but it's a tough position they're in. they need to get that right. >> if someone asks you, has this been a good start to the year, how do you answer that question? tony pasquarella of goldman sachs says the s&p returned 15 plus percent, but if you take out nvidia, that drops to 10%. if you strip out the entire mag 7, that drops to 6%. viewed one way there's a top-heavy market.

another way 6% in six months is perfectly acceptable. it annualized to the average long-term return of the s&p. you have to put it into perspective. >> i think it's been a great year. most people were bottom stock pickers. those two factors have worked really well this year. so if you're long only person, you should have exposure to those big names. you should have been able to find a good stock. 50% of stocks in the top 3,000 u.s. equities have underperformed by 20% or more. so, this yore a lot of the bad was just avoiding the blowups. own a couple of big ones, avoid the blowups. you should have had high single digit first half year returns. that's above the long-term average for half a year. >> does this say what tony is suggesting, that you stay with what's worked the best at this point, especially as i'm asking you about how strong the economy is, or do you start to play the

broadening train, the more cyclicals, industrials, financials, materials? >> you really want to stay broadly diversified. i don't think that the momentum trade here is ending, especially in the short term. but when it incchanges, it's go to change fast. when look at valuation, there's a lot of opportunities here. materials, banks, the energy sector, regardless of what's happening with interest rate, the secular momentum, it will improve. i think you want to take advantage of those. over the long term, those will be the better plays. short term i think the a.i. trade is still here to say. >> you believe that? i hear people suggest it's too soon to play that so-called long-term trade. >> we read, i think, 15 second half year outlooks to see what the outlook was. i asked the guy to summarize it. what he showed convincingly is everyone thinks small caps will work in the second half of the year. and i don't think that's right.

unless you're massively bullish, i don't see how small caps work. they're generally interior asset class. i think you stay with the large cap names unless you're massively bullish we're going to get stimulus plus a lot of evidence a.i. is working. it depends on what you mean by broadening. this year there's been plenty of diversi diversification. >> several sectors have done well, 7%, 8%, 9%, but it doesn't look great when you compare those to comp services and tech. >> when you're up $3 trillion and go up 10%. if you're a stock picker, you can do well. you don't need to start buying small cap companies because they're optically cheap. they're cheap for a reason, they're worse. >> thanks. we'll leave it there. >> go celtics. let's send it over to pippa stevens for a look at the biggest names. >> corning is the best performer in the s&p 500 today, with shares at a more than two-year high after the company boosted

guidance for second quarter core sales saying the outperformance is primarily driven by adoption of connectivity for generative a.i. shares of solar edge jumped 13% after upgrade from neutral from bank of america saying shares are pricing in an unlikely worst case scenario. b of a sees a return to profitability in the first half of next year. those shares up 8%. >> back to you shortly. tech stocks still on a tear as the second half gets under way. could the upcoming earnings season derail that run? we'll ask first mark's rick heisman back with us at post 9. you know what i find interesting is there's so much risk on in tech, but you don't necessarily see it in the venture world and the going public world. it's not risk-on yet. >> there's not a risk on yet. people are thinking longer term.

therefore, they're still concerned with interest rates, still concerned with the ipo market and still concerned with who the next presidential nominee is going to be. >> so the we've now morphed into the political conversation coming into the boardroom. >> general risks. if you think about ipos being the riskiest issues, how do people feel about the rules of the road? how do people feel about the long-term rules of the road on interest rates, the political issues, how do they feel about consumer confidence. obviously, this earnings season we'll get a sense of how confident enterprise and consumers are and then where do we go are from here. >> what do you think we're going to get in earnings season. there's a lot of hype now to theoretically live up to, right? >> there's going to be a mixed bag. i think there's a lot of hype to live up, es he especially some names. we've talked about this in the past. when does a.i. really work? is microsoft going to see

co-pilot is really working, an roi sale? servicenow, which has slumped a little bit, they're really incorporating a.i. are they able to sell more of their product because although not being a.i. native, they have a lot of a.i. infrastructure. have people transitioned from doing proof of concept and testing a.i. over the last 12 months to implementing a.i. in the next 12 months. >> is that a more serious part of the conversation around a.i. and these tech companies, the who has it now and who has it later. everybody may fit into those categories but there are only so many dollars to go around and only so many results to be chased. >> that's why the software index has drifted down. people are unsure who invested ahead of the curve and who leap frogged. as we think about the software universe in the private and public market, you think about who is investing for the future and who's going to be leap frogged by the a.i. native new

venture solution or by a big company who has invested ahead of the curve, which is why everybody's buying as much nvidia as they possibly can. they do not want to be leap frogged. they're unsure who's going to win. >> how often are you getting a look at prospective things to invest in for the capital that firstmark has? >> several times a day. every day, several times a day. most of it being a.i. or how a.i. affects an ecosystem, financial services, health care, whatever that may be. >> how is the decision-making process on that? >> i think we have a framework, is this really an a.i. solution? a lot of things people claim are a.i. and are not a.i. >> have you developed a healthy level of skepticism in the kind of environment we're in? >> we have for the last several years. as soon as a.i. became a hype train, you see the number of things in your inbox saying, a.i. for x, a.i. for y, a.i. for

z. all day, every day. we go back as a firm and saying, what is a.i. really doing? where is it going to be able to create value? we have a framework the same as in software. is this technology really going to be able to create value and capture value? therefore, your enterprise customers, your consumers, are going to get out more than they pay for it. >> let's go back to where we started. when the doors swing open for capital markets and more ipos. what's the mechanism? is it as i was discussing with our guest, rate cuts? >> i think that will be one of them. i think there will be a more settled political environment. i think we're going into a dead season. post-fourth of july, things slow down. august will be very slow. and then a very brief window of about six weeks from labor day to when things slow down for the election. >> that's a tiny window.

>> you might get a couple of things there but it won't be that great. you have to hope to the election is pretty clean. people have clear rules of the road that finally after three years, reopen the window for ipos in the beginning of '25. >> we'll leave it there. thank you for joining us at post 9. we are just getting started here. up next, a can't miss "closing bell" exclusive. boston celtics lead owner and governor wyc grousbeck is with us at post 9. he brought his friend larry, too. we'll talk about the team's record, 18 championship wins, of course the sale announcement that stunned the sports world as well. we're live at the new york stock exchange. we're back right after this. so this is pickleball? it's basically tennis for babies, but for adults.

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welcome back. fresh off winning an nba record 18th world championship, wyc grousbeck announced he would sell his remaining stake in the team. he hasn't addressed his surprising decision until today. wyc is here on set at post 9 for a cnbc sport exclusive interview. he did bring the larry o'brien trophy with him. welcome back. i think it hasn't gotten old yet, huh? >> 2008 hasn't gotten old. it's a great feeling. >> you got another one. what have these last couple of weeks been like for you? >> it's just a dream. carry the trophy around, it's heavy, put it down here at the stock exchange, in the hamptons last weekend, wherever it is, people cluster around. they love feeling the vibe of the celtic pride and the championship. >> can you describe what the day was like of the parade.

boston is a pretty hard core sports city. let's be honest. i don't know how many millions of people were out there on the route, but can you describe what that feeling was like after winning one a number of years ago and now being able to do it again? >> it's a great feeling to have everybody in boston and around come out. i think we had 1.5 million. that's the 13th parade boston has had this century. i'm a proud born and raised bostonian. to have had two of the 13 parades is a thrill. i love being part of champion city. >> was it sweeter given some of the issues that the team had over the last few years? you've been a favorite. haven't lived up to many people's expectations at end. so, does that make it sweeter this time around? >> yeah, the first time came together quickly and worked magically and was unbelievable to win your first championship. this one was a battle.

it was like climbing mount everett and took eight or nine years. to get to the top after an eight or nine-year battle with the same people you believed in from the beginning, you know, jason and jalen, as an example, what a thrill. it's a lifetime bond you form. when you win a championship, you form a lifelong bond with the players. >> were there times over the last couple of years where you wondered whether you could win with those guys? >> sure. we were ahead in the finals and then we lost and we were behind in miami and lost. you always wonder, we made some changes in the off-season. we took it all the way. 80 and 21, a good run. >> many were surprised if not shocked to hear the news you were going to sell your majority stake in the franchise. can you tell us why you make that decision? >> i want to make clear, it's not my majority stake.

the control of the team is owned by the family. it's a family i belong to. and then i have the celtics family i also belong to. there's an intersection and there's an involvement. there's been discussions and thoughts about estate planning and family planning. so, the plan, the expectation is to sell the team in two parts. 51% going fairly soon. 49% then closing in a second closing. that's the expectation in 2028. i'm planning or expected to stay on until '28. we're going to hire bankers and advisers and this is going to be quite a bidding process. >> this was a family decision. you said in the press release it was, quote, estate and family planning considerations. can you elaborate at all on that? >> i think that speaks -- scott, i think that really just says it. it's a family. been in a long time. and loves the celtics.

at some point after 22 -- 25, 26 years, you can find somebody else to come in with energy and commitment. we're going to try to find the reaction of -- >> the true answer really is, it is shocking. it's surprising to people. the real answer, after the first moment of shock is, what a great ride we've had and i hope it continues one way or another. it's a great partnership. i could go on for hours about these partners and what we've done over the last 20 years. >> it's a unique process you're going to go through. as i read in the intro, you're going to remain the governor until 2028. you'll still be the person in charge of this franchise until 2028? you'll be the principal decision maker? >> that's how we planned it out. i would say that's the expectation going into this process. having said that, so i would love that to happen. that's the expectation. we'll see what plays out and we'll go from there.

>> let's talk about possible pr pr price. you bought the team for $260 million in 2002. i saw a valuation of $5 billion. the commanders in the nfl went for $6 billion. that's the most ever paid. what do you think the celtics will go for? >> i can't say. i don't know. i know there's been a lot of inbound interest, obviously. you can't buy these things -- these teams at the top. you can buy them at the bottom. we are poised to go after another championship and be a real contender. we're poised -- we're bringing everybody back and so we're poised for a great run going forward. people would be able to start at the top of the world. >> you're going to leave the team in a pretty good place. you signed jayson tatum just the other day to a super max deal, $314 million. by the way, it's rablable to me how easy these numbers roll off

the tongue. >> to me it's not my personal money as much as it comes in from fans and media and we put it to good use, the best use we can. we have to thank the fans, media partners and everybody else. everybody supporting the celtics is funding these contracts. that's why we all win it when we win together. >> is for tjaylen brown for 285 about a year ago, did you ever think you would be writing checks this large for salaries? >> no. i need a brace on my wrist sometimes. but if you're the celtics ownership group, this is what you do. this is what the celtics deserve. they deserve pride and support and investment and they deserve to win championships. >> there's a picture of you and jayson tatum with the trophy. i read in an article that one of your partners, steve palucka has suggested he would like to be a part of the bidding process. have you had conversations with

him? >> yes. steve has been a terrific partner, terrific lead co-owner, i would say, brought danny ainge to the table back in the day. steve has been great and a great person. we welcome him in, obviously, in the bidding process. >> what about john henry, another name i've read? >> i can't comment about anybody else really. i know john is a good personal friend. there will be great bidders and we will be really -- i think we're going to make it so we're very proud how it ends up. >> would you prefer it's somebody who is boston based? >> my friend rick heitzman is philly based. the families agreed to find a new ownership group coming in that will make everybody proud of the celtics going forward. >> when i throw out a number

like i did with the commanders going for $6 billion, is that number significant to you? do you expect this franchise could go for at least that if not more? >> i havebeen focusing on the championship because it's been a blur and it's been so much fun and the parade. i haven't thought much about going forward but i am a competitive guy, why not? if you're going to keep score, keep score in everything. >> do you think valuations can sustain this path? >> i'm bullish on the nba. we have a great partnership with our players. we do work together. and that's just a true statement. the celtics showed that this year. teamwork but it's a unified league and great players. it's groebl and we're just getting started internationally. we're going to be bigger internationally than we are today. three of the top picks of the draft all came from france this year. this is an international league. 35% or so of the league are

international players. there's growth in the nba domestically and overseas and it's a great sport and a great partnership. i'm very bullish about the future. >> you don't feel in any way you're getting out at what might be the top? we've seen five teams trade in the last couple of years. i think the most recent one was the mark cuban deal. >> here's what i think. we put in $200 million of equity 22 years ago for this. it really was 200 of equity. it's been a crazy ride. we won't keep the that in the future but i'm bullish about the nba going forward. you should own this team if you love trying to be the best. you should own it for reasons of community and competing on the court. the finances can also work out. >> well, i mean, when you see the rights for the new tv contract, which are going to be $76 billion over 11 years, that in and of itself is going to send the salary cap soaring, is

it not? >> right. we split that so it benefits the players, benefits us, benefits the entire structure of the nba. >> i want to talk about another sport, that's golf. you were part of the strategic group that invested in the pga tour. we're still waiting for a deal, a potential deal with pif, the saudis and liv. is it going to happen or not? >> i'm not at that table. the general vibe and it's been discussed publicly that the vibes are positive. there have been productive conversations, i think is the word. i think the general intent is over time legally with the approval of relevant authorities to unify golf. bring golf back so you can play golf and not worry about other stuff. maybe golf has new formats. i'm proud to be partnered with the pga players. they're now equity owners in golf in the pga. it's a lot like the nba. that's why it sort of makes sense to be involved. we have a partnership in the nba

and i can bring somg of that thinking to the pga. >> how has your view on sports as an investable asset evolved over the years? we see it. we just had our big announcement last week of this new vertical for us, cnbc sport. no accident -- >> i might be free to join it at some point. >> you might. no accident it happens when it does because we see the power in sports as an investable asset. >> we did this 22 years ago, we did the celtics as let's not go broke and let's go win. this is for the love of the celtics. now, years later, nothing's changed. i just didn't expect the investment to perform like this. it wasn't the point. i'm amazed. now my view of it is, it's actually -- there's reasons it's trading for this kind of thing. the enjoyment you can have from owning a team is so intense. you can't get it anywhere else. so, that's why they trade so high. everything is evolved, everything has changed investing in sports.

i still think there's room to be a bull and be successful, but uts been a great run so far. >> i have another question. that is about what's become another love of yours, the tequila business. >> we try not to sit still at my house. >> obviously not. it's evolved to the degree you've welcomed in other well-known investors, serena williams, derek jeter, i could go down the list because there are several and well known to our viewers. what's the endgame here? >> we started it, it's sort of like the celtics, we started it with michael jordan, jeanie buss and we rolled it out, sold 2 million bottles now. it is a business. it is not the easiest business. it is a business where you have to keep slugging it out. you have to go to every restaurant you see and every bar and say thank you and bring samples. you have to work it. >> you have to elbow out other

celebrities who have their own tequilas, right? >> a lot of celebrity tequilas. with the new people coming in and investing and bringing their insight and their star power, the future's bright for cincoro. >> we congratulate you on this and wish you well. >> thank you. >> that's wyc grousbeck here with us exclusively on cnbc at post 9. navigating the bitcoin crumble. falling 12% over the last week. sky bridge's anthony scaramucci is back at post 9 next. (vo) a law partner rediscovers her grandmother's artistry and establishes a charitable trust to keep the craft alive for generations to come. from preserving a cultural tradition to leaving a legacy,

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welcome back. bitcoin recreating again, down 20% in the past month, well off record highs north of 70,000 set earlier in the year. joining me now post 9 for crypto outlook is anthony scaramucci from sky capital. what is going on? i ask you this every time but it's such a volatile asset class that the question needs to be reasked. it was north of 70 and here we are. >> if we get to 100,000 by the end of the year, you'll invite me back. >> i will. >> i won't have the basketball trophy. you have a lot of things going on at the same time. the german government is -- you have the ten-year drawn out affair is now going to be

releasing about 140,000 bitcoins. so, skybridge alongside fortress participated in that. and so you had a combination of these things going on at the same time that there's been some selling pressure in the etf. and so when that happens, bitcoin is a volatile asset. you also had halving, not to get into the bitcoin jargon with you -- >> i think everyone is well versed. >> halving that forces the miners to sell some bitcoin to keep up their revenues, which puts temporary pressure on bitcoin, but we still love the fundamentals of bitcoin long term. and i do think, as i said, it will be 170,000 post, but i think it can get to 100,000 by year-end but it has to chug through this slog right now. one last quick point, ftx is going to be releasing shortly $16 billion, roughly, of cash to investors that had their accounts at ftx. that's very good news for

bitcoin holders, i believe. a lot was in bitcoin. it got frozen in the bankruptcy, it got dollarized, low numbers for bitcoin, but it will go back to those account holders shortly. we think a lot of that will flow into the assets. i was going to ask you that. do you think at least for those people, right, in their minds, there's some tarnish on the story, enough they won't want to assume the risk again in crypto because of what happened to them in the first place. >> yeah. i mean, you know, we call these things life chips. if you get a wind fall back like that, you are counting on not getting that money back. now that you're getting it, you may buy a car, a house, a summer house, but i do think 40 to 50% of that will go back into the asset class. these are hard core people. remember, they are early adopters, too. if you have an account at coinbase or ftx, you're considered early adapter in the

digital coin space. early adapters, typical loyalty to the asset class. >> you raise another interesting point when you mentioned the german government selling. how big of a risk do you think sovereigns in general are to the story? we have to figure that sovereigns are large players, right? and the ebbs and flows of government and things that happen. is that a longer term risk more so than people have thought about? >> i don't think so, scott. i'll take you back to the situation, the early days of uber. no government wanted uber. no administrator wanted uber. no mayor wanted uber. all the regulators said no to uber but the people wanted uber. one thing that just happened today in the gop platform, they'll have their convention next week, right there glaringly in the gop platform is the protection of digital assets and the protection specifically of bitcoin. so, i think that's a huge mistake by t' democrats.

i feel they're fumbling the football. it's not a niche business. you can go by the mike novogratz conversation. let's cut those down. let's say there's only 20 million wallets of eligible voters in the united states. let's say 10% of them are single issue voters. we have 2 million potential voters in a very close, very narrow election being resolved by six or seven swing states that could be sing issue digit asset voters. to me, it's an overwhelming conclusion this will be an acceptable long-term asset class in the united states. if that's the case, i'm not worried about the other sovereigns. >> you're obviously well connected in the political arena. you're probably thinking about, not probably, you are i know, thinking about -- >> some places worse than others. >> what many are thinking about, what's going to lead up to the

election. what do you think? what do you hear? what's the story? >> i think president biden is obviously dug in, had a poor debate performance but it appears like he's going to be the nominee. the swing state voting right now, has former president trump in the lead. i'm a markets guy. i know you're a markets guy. the poly markets are favoring donald trump right now. but these things are close elections. there's a lot to be decided right now. you have the vp process which will come up this week. you've got another debate on september 10th. if president biden is staying in the race, i think he really has to demonstrate what he's been trying to do over the last couple of days. he was on morning joe this morning, our sister network. very articulate on "morning joe" but he's having problems putting sentences together and i think that has to worry about. so, we'll see how that unfolds. they'll have to make a decision

one way or another by the end of this week. >> what do you make of what's happening globally on the political front, some of the results we got both out of the uk and france? >> i believe that's encouraging for the democrats. i think when you look at those numbers, you get a lot of scatter on social media that's right-leaning and everyone thinks the election is going to go that way as a result of the prism of social media. when you come out of that, you see that labor one in the uk, it was a left-leaning win by and large for france. if you really follow the agenda of what americans want, i don't think it's consistent with things like project 2025. i think it's more of a mainstream agenda. so, you know, the incumbent is usually favored. i think if president biden wasn't 81, didn't fumble so severely on the debate, i think he'd be favored. it's understandable why president trump is in the lead right now. >> let me ask you one more question back to what we've been talking a lot about.

obviously, rate cuts. i know you have thoughts on what the fed may do and when they may do it. we'll hear from the fed chair starting tomorrow for two days on the hill. it ties back to my bitcoin questions to you. what's the significance of rate cuts to the performance of bitcoin, if any? >> well, i think it is significant because bitcoin is still in that category -- you know, it's actually decoupled from the nasdaq recently. decoupled from things like nvidia. i do think it's viewed as sort of a speculative technology asset, if you will. if they cut rates, there's a lot of short interest in bitcoin. i think people will rush out to cover. i see -- i think you'll see some price appreciation. again, why am i in bitcoin? it's a forward-thinking asset, an asset i think we will be using over the next 25 years in the investment world. it's not just about me. i'll point out for the fed, if

you go to true inflation, t trueflation.com or maybe it's dot-org, and that number is closer to 2.2%. i think the data the fed is using, there are lies and statistics, i think the data is overstating the inflation anywhere from 90 to 100 basis points. the fed is being reluck taptd because they don't want to have that '70s like situation -- >> cut too soon. >> they also have to be careful they don't set off a disinflationary cycle, too. so, i think they're still going to cut rates. i think they're going to surprise people what the amount of rate cuts they do by the end of the year. >> we'll leave it there. good to have you back. joining us at post 9. up next, we're tracking the biggest movers into the close. pippa stevens is back with us once again. what do you see now? >> scott, one unloved a.i. play could be due for a turn-around. we have all the details coming up next.

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less from 15 to the bell. back to pippa stevens. >> servicenow is under pressure after guggenheim cut the stock to sell. saying they expect an uptick in

gen a.i., fieldwork says it's not likely until 2025, if ever, with the firm adding the valuation looks stretched. intel is the best performer in the dow with a gain of 5%, pacing for the best day of the year. noting that intel could be a catch-up trade. it had a strong second half of last year, but selling off in the first half of this year meaning it's one of the unloved a.i. plays that could be due for seasonal bounce. those shares up 6%. scott? >> pippa, thank you. pippa stevens. up next, cruise stocks are sailing higher. we'll tell you what's behind those moves on the screen, what it might mean for the travel space ahead. okay, team! oh, thank you so much

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e*trade from morgan stanley we're in the closing bell market zone. mike santoli here to break down crucial moments of the trading day. angelica peeples on health care and the rebound on cruise stocks. mike, up first with you. let's look we'll get another high for the s&p and dow. >> getting it done today. we have a fairly experiences ive, well loved market rally. not to say it can't keep feeling higher but it has to pull these tricks to stay elevated. intel up 6%. chipotle down 6%.

that's pure anti-momentum, we're going to unwind the stuff that's run a lot, up 30% year-to-date like chipotle and pick up the stuff that's down 30% like intel. i don't know if there's that much intention around it but it shows there's money in the market and s&p and powell and soft landing and all the things we're hoping for. i do feel the positioning is kind of predicated on thevings going right. you have to respect the market action but it's trying to draw strength from areas maybe you can't count on in a persistent way. >> angelica, talk to us about the stocks you're watching in the health care space. >> yeah, scott, shares of morphic are up 75% after eli lilly saying they'll acquire the company for $3.2 billion. the company was founded by harvard's tim springer, who

helped discover another successful ibd drug that's now a blockbuster. we are also watching ideaya biosciences up 15% on promising results from a small phase 2 trial of experimental cancer drug. scott? >> thank you. simproo carnival, caribbean and royal are all staging a comeback today. the hurricane, while significant, does not seem to be as bad as expected. cruise operators have gotten better on changing and updating itineraries. artis research updating price target on rcl to $185 from $178, pointing to strong occupancy trends of 107%. is betting that margins will

continue to improve as new ships come to market. analysts say the broader cruise market could get oversaturated over the next one to two years and that's why the demand story has to stay strong to justify where they are trading. >> that's seema mody. back to mike. i'm looking at tesla again. it's up again today. it's up 43% in a month. >> i don't know what to necessarily make of it. there was a larger than normal short position in tesla in the last reading but it was less than 4% of the float. this is a massively heavily traded stock. you can't tell me it's purely a squeeze but it is an area where people are underinvested if people have bottoms maybe in the short term.

so far, hanging in there, finding a way. >> we'll see what the fed chair introduces into this market mix over the next couple of days. mike, thank you. mike santoli. that bell marking another closing high for the s&p and the nasdaq. we'll see you tomorrow. we had an up and down session to start the week, but the nasdaq and s&p 500 setting intraday records. we'll see how they close. nasdaq notching a record close. chip names saw a nice bounce. that's the scorecard on wall street. welcome to "closing bell: overtime." i'm jon fortt with morgan brennan. coming up, raj shah joins us to talk about boeing's guilty plea and companies in the space he's most excited about. could the fed surprise markets and cut in july? we'll discuss with renaissance macro head