delve into it. it's like it's right up there for me as dive in. take a deep dive. >> you know, my grandpa used to hate bottom line. used to drive him crazy. i don't know why. >> you guys double click on scott's program which is coming up here in just a minute. >> i'll see you in a couple of weeks. >> yes. >> "closing bell" starts right now. thanks so much, welcome to "closing bell." scott wapner live from the new york stock exchange. major rally for stocks. let's go to the scorecard. with 60 minutes to go in regulation. new interday high for the dow, back above 40,000 for the first time since may. that's been a minute since we've seen that. how about the russell in m the midst of its strongest two-day run for the entire year. broad-based run, almost everything is working especially when it comes to areas of the market. materials, discretionary stocks. they're having a day. tech there as well, several of

the biggest names are bouncing from yesterday's selloff. we'll watch apple, microsoft and of course look at nvidia, up 3.5%. it takes us to our talk of the top. the great rotation and whether this week really marked a change in tone for this market. let's ask cameron dawson, chief investment officer with new edge wealth. with me at post 9. good to see you. >> good to see you. >> what do you make of the market reaction this week? >> there is enough of a short off side position that just on positioning normalization alone this rally can continue. look at future's positioning in something like the russell 2000. it's at the lowest level since 2022 which just says a lot of people are offsides. if you continue to see this fading in yields, this fading in inflation and growth holding up, all of those things being very important for that to continue, but if those things do continue, this can continue to be a rip roaring rally. >> ubs today says historically when the market experiences a

significant one day rotation from large to small caps, the trend tends to continue for the following four weeks. we can expect this kind of activity, you think, for a month or so? >> it happened at the end of 2023. we saw a 20% rally in small caps on a 100 basis point decline in the 10-year treasury. positioning was off sides then again as well. the question is after you get that four weeks or a couple of months, what happens after that? because the start of 2024 was terrible for small caps. you saw them give up all of that relative performance, but that's what we'll judge once we see positioning really start to reorient itself. we think it comes down to earnings. earnings have to play ball for the small caps and for value for this to last more than four weeks. >> let's get off of small caps but go to value and other places that just haven't performed as well. week to date winners. real estate up 4.5%. utilities up near 4. industrials up almost 3. materials, the same amount.

so these what have been unloved areas of the market. utilities had that ai-related moment, you know what i mean. is it time to really seriously look at those areas? forget about the small caps for a moment. >> yeah. i think that they have a place in portfolios because there's places where there simply isn't as much stretched valuations. what we see is that when markets do eventually correct, you have this dynamic where the bigger they are, the harder they fall, meaning that very stretched valuations become a risk and an unwind. we don't think we're going to have one of those soon but picking up names that trade at usual valuations makes a lot of sense. we would emphasize you have to stay at quality. quality names that have been left behind this year. >> does that mean -- when you say quality names, are we talking large caps? just like -- no? >> no,s it doesn't have to be large caps. there are quality names throughout the size spectrum. we define it as strong balance sheets, strong cash flow, earnings stability.

right now it is an everything rally. junk is going to do better. junk is your beta. it goes up a lot more. in the event we see that reversal, by sticking with quality, you protect yourself from the eventual down side. >> is this a rate cut rally? that's how we framed it the other day with the chair was on the hill and made what some have termed another pivot, a pivot even closer to rate cuts and sort of left the belief to the market that they're definitely coming. the way that the data is shaping up, barring some major surprise, expect cuts, and reasonably soon. >> it's cuts without a concomitant decrease in growth, meaning that you're getting the cuts without necessarily having growth fall off a cliff. and that, yes, there's fraying in p the labor market, but it's not as if you're seeing mass job losses. there is still labor hoarding going on which means consumers can spend, even if some of them are keeping their head above water. if you get the cuts and you're

not getting huge cuts to growth forecasts, that's why the market is up. now we are watching those. economic surprises are deeply negligent tiff. you are seeing trends to gdp forecast. that is a wild card. >> you could make the, i think, credible argument that that's why the pivot, if you want to believe in that, happened in the first place this week. >> yeah. >> unemployment rate getting above 4% woke a lot of people inside the fed up, okay? and the idea that where the primary focus was on fighting inflation, now they have to be equally minded if not even more so at this point on fighting the economy from slowing down too much and fromunemployment picking up too much. then you've sort of wrecked the story that you think you've written pretty well to this point. >> if you can get ahead of a larger weakening in the labor force by maybe enlivening animal spirits, helping to support the demand for interest rate sensitive goods, look at the

university of michigan survey today. you saw a plummet in the is it a good time to buy a car, other durable purchases. lower interest rates do help that. so if you were to be very optimistic, you'd say hey the if he had tweets and that the slowing in the economy is not enough to necessarily say that corporate profits are going to take a plunge. >> well, it's -- some are hesitant to say you're going to have a real rotation, that all you really have is an over sold bounce and it's not a credible rotation yet because you can't really say that earnings are going to live up to expectations. and before you can see it, it's a show me story so you can't believe it. >> i think that the market will get ahead of itself just on the positioning because people are so short and under weight. you can get that four week to two-month kind of rally. the test comes when you're looking at earnings because that is the critical thing if this continues, meaning that if you look at earnings revisions, earnings revisions for growth

names are up 11% over the last year. for value they're down 4%. so that explains this divergence in performance and so unless value can get its act together and put better earnings up and see better earnings revisions, then it will reverse the rally and, to your point, it will be a dead cat bounce. >> the tendency here is that they're going to underscore the reasons why we continue to buy big. that's the tony cuscarello note. the core inflation tradeoff are supportive of the market. i'm not inclined to pick a fight with a primary trend that's nearly bulletproof. are we going to be talking about this again in a few weeks after all the megacap companies report and say, see, told ya? >> yeah, it happened in march. we got the rotation rally that was ee femme merrill. it faded. we were back to tech being the only game in town. now the plot twist comes in 2025

when mag 7 earnings decelerate significantly and that's where the market already has priced in that the 493 will actually be growing faster than the mag 7. you can take that as a bullish, this is great broadening out of earnings, or you could take that as the bar is really high for the 493 to deliver and there's actually room to disappoint to the down side. >> it doesn't have to be bad news either if there's somewhat of a rotation from megacap. i was using the point earlier during halftime, it's not a suggestion or the idea that money necessarily comes out from current levels in megacap. you think you're going to have new money coming in.

>> running to the up side. it's the perspective. the question that we have and the allocation and the official allocations. >> you may see things start to show up. >> some of them weren't so bad.

price reactions and the market isn't necessarily tolerating disappointment well. >> maybe it's time to get all bulled up here. what's your psyche on this market. >> you absolutely can. you know that i did that for quite some time.

it's been a difficult road to hoe. the reason you can, the three things -- working out three things that gave bearish outlooks is, one, we kept seeing that core growth in the 30 to 40 basis is points range. two, three key factors and three we failed to see the housing component exhibit the disinflation after a tidying. all three of those things have been reasonably abolished. we've seen that corporate tip out to 20 basis points before only to come back and say a 0% basis point increase by may, followed by 10 for june, followed by unemployment actually concurrent with unemployment taking up each of

the last three months to bring us to 4.1% which, by the way was not a surprise by the fed, told me where they need to get, combined with the housing component showing 20 basis points increase, the lowest we've seen in three years should give everyone great confidence that we're experiencing another step down, which is why the fed can now talk about the other side. it's hard to make an argument about the risks of employment when what you're trying to do is increase the risks so in summary i think this is absolutely a rate cut rally. everything you've said points to that, whether it be the banks coming in disappointing, which is a concern about net interest margin, whether it be the russell 2000 uptick, which is obviously a relief in that financial duress is more acutely felt there in a higher rate environment and the prospect of rate cuts. >> why don't you get on the train then? i mean, if it's a rate cut rally, as you say it is, and we

haven't even had a rate cut yet, let's forecast what's to come here. it's -- it's -- some would say it's hard to look at this market and be bearish. i mean, bears keep getting proven wrong. >> agreed. i'm making the argument that you can't be bearish here, myself included. so i changed my position to neutral. it's hard to be bullish for me until i see that the change in leadership or the trend towards a change in leadership is lasting. for now i'm typifying this as a rate cut rally. as you rightly imply, the work to do here is the valley of the cycle is coming. the question is when is it coming? and the question is, what will be the depth and duration of that slowdown? there are still variables that we have to account for. will they cut in september? obviously the fed will have a role to play what that depth and

duration looks like. >> adrian, how do you see things? >> one thing we have to think about is that different sectors react very differently to rate cuts so regardless of whether we're in a bull market, a bear market, i look a little bit longer term than the next couple of quarters. what sectors are under valued and if rates go down in september, what will benefit? financial services is a sector that will do very well if rates are cut. it will increase personal spending, corporate spending, m&m -- m&a activity. how much banks have to pay people to attract their cash. and when we saw earnings last week on chase wells fargo, that's expensive for the banks. if we go downstream and look at regional banks, high interest rates are very, very expensive

for them. and a cut is a real tailwind to the financial sector. >> are you a believer in the broadening or not? >> absolutely. 100%. when we are -- i think one people might be missing, it's very understandable, diversification right now is not what are the 493 stocks in the s&p. that's a big piece of it, but we're looking even broader. absolutely i like what you said about small caps. i like what cameron was saying about valuations. there's so much other opportunity in bigger caps but also we've been bullish on international for such a long time. i'm even surprised that that the s&p is 21. what you pay for stocks matters. and earnings abroad, their money's just as green as earnings of companies in the s&p but you will pay a lot less for them. and i think that's something to really focus on, and it's been a long time. and that's the rotation we're focused on is robbing

portfolios, diversification and looking internationally. >> what do you think about that? >> i think in order to have a sustained international em rally you have to see a weaker dollar. if this is a deeper rate cutting cycle that weakens the dollar, that gives some light to international and em which have done well over the last couple of days. valuation is not a catalyst. in p many ways these areas have been true value traps. they have been under performing the s&p 500 for years. we have to see a weaker dollar and inflection in the earnings in order for this to be more than a flash in the pan. greg, i'm going to come back to you because, look, you've moved from, you know, under weight to neutral or bearish to neutral or what have you, but you like microsoft and you like nvidia and you like palantire and alphabet and crowd strike and lilly and you like novo and

you like shipping names like maersk and zim integrated and minors, metals, things directly tied to the global economy. i mean, your positioning -- >> right. >> -- skraems bullish but your tone says neutral. i don't get it. >> let's put these things in different buckets. as you know, even through my most bearish phase where we chose to have our exposure, because we did have exposure, we chose to have our exposure in things chose to have things tethered to secular. the thinking was even the harshest of environments, things tethered to the generational secular tailwinds to ai and cloud. we'll put up 20% either way. doing so in an environment where everybody else is putting up single digits was going to lead to narrow lead share.

that's a separate bucket. as we become more neutral and as we've expanded and continued to expand our exposure, we're looking for things that are in a structural supply and demand imbalance. so when you look at some of those minors, what we're looking at is the green flags trade. the core minerals and metals that transition to evs and green energy. when you look at where their valuations are, we think that's an opportunity. in it terms of shipping, same thing. supply/demand structural imbalance largely caused by turmoil in the red sea. nonetheless, the shipping costs from asia to europe have gone up five times since this time last year so i think you're going to see a very strong acceleration in earnings through the second and thirteenth third quarter as the increased rates translate to the value sheet.

>> adrianne, i'm going to end with you. the real estate is the week's big winner in terms of a sector, up 4 1/2%. real rates are still high. i know you like this space, but it's not out of the danger zone. >> so i look at it again a little bit longer term. so a lot of us are looking to november. how is fiscal policy going to change if it's trump versus biden or somebody else. there was a really good piece yesterday in the wall street journal about a number of economists saying if trump is elected, inflation may be even higher than under biden. maybe his fiscal policy is looser, but he said he's going to crack down on illegal immigration, he's going to put tariffs in place. all of these things are inflationary. less competition means higher costs and if we look at what are the asset classes that can buffer against inflation, real estate, and real estate's not just office space or homes.

i mean, it's labs, it's gas stations, it's hospitals, it's schools. i mean, it's so broad. it's a very broad asset class. and it is a good hedge against inflation. and i think that's something, again, in had broadening diversification, looking further out than just what's going to happen this year, next year, but what are the trends that is going to put in place? and i think that's important to consider. >> you make good points. here we are in july. we know we're only four months away from the election. are you starting to think about positioning around november? >> if it is inflationary, then i don't think anybody is positioned for that, meaning that the bond market, the fed isn't expecting a reacceleration to inflation in 2025. we should put that on our bingo card as a source of market volatility. >> guys, we're going to leave it there. greg, we'll see you soon as well, adrianne and cameron back at post 9. let's send it to kate rooney. >> let's start with deckers

outdoor adding 2% after the company's board approved a 6 for 1 stock split. that move will need a green light from shareholders. they have been on a tear lately. stock's up about 35% year to date. a couple of pharmaceutical stocks losing ground after their price started were slashed. align is the second worst performer in the s&p dropping 5% after morgan stanley took its target down to 328. and then you have biogen sliding as well after piper sandler took its target down to 313 from 335. scott, back to you. >> that's kate rooney. we're just getting started here. up next, big tech's bounce back. rebounding from one of the worst days of the year. nasdaq pacing for the sixth week of gains. baker avenue's king lift will be here with his strategy. we're live at the new york stock exchange. you're watching "closing bell" on cnbc.

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and z fold6 when you trade in your current phone. get the fastest connection to paris with xfinity. we're back. tech stocks rebounding today. leading the market comeback off the record highs. here to share whether the run can continue and how to play the next leg is king liv. welcome back. >> hi, scott. happy friday. >> yeah, you as well. take me into your psyche over the last 24 hours. yesterday was something and then here we are with a bounce back. >> yeah.

one day doesn't make a trend but i do think the pull back was due to profit making. shares of tech stocks have run. catalyst was lower rates. we had good cpi report. i think investors rebalanced into names that perhaps can benefit more from lower interest rates. we saw small caps rally. in fact, rallying again today. real estate dividend payers. that being said, we still think there's a lot more leg in the tech sector. we have earnings announcements coming out later this month. we have high expectations for that and also positive seasonality. in the last ten years there is more room to run. >> are we starting a legitimate trend shift where i'm not suggesting in any way that tech can't continue to do well, it's just not going to have the kind of outperformance that it has so thoroughly enjoyed.

maybe that's where we need to be thinking. >> yeah. i think it would be tough for us to expect years, a name like nvidia where investors have enjoyed triple digit returns for the last two years, if you would, you know, we can't expect that every single year. so we do expect perhaps the tech sector to fall more in line with historical returns. that being said, i do see room for other sectors to perform. you know, a lot of these sectors are coming out of their earnings bear markets, if you would, in the second half of the year. that should be a catalyst where year over year earnings announcements are going to be stronger. investors will start to pay attention. >> what if i need to be more concerned about the economy than i have? it has been strong. obviously weakening. the consumer feels like it's weakening. unemployment rate is up. it's not like we're fully out of the woods yet. >> yeah, you know, we take a little different view on that. we think that the economy is

going into what we call the goldilocks scenario, steady growth. not as robust as we saw the beginning of the year or even last year. call it a goldilocks scenario where you have steady growth, not so hot that it causes inflation and you can couple that with strong earnings growth which are expected this year and in 2025. we still think there's a tailwind for stocks. >> but, i mean, where does the strong earnings growth come from. >> a lot of it is just what great management by companies. the underlying fundamentals of the economy despite the slowing is still strong. i think there is still cash in the sidelines to funnel growth into other areas of the economy, and if we had the benefit of slightly lower interest rates, i think that is also going to be a tailwind for the economy as a whole. >> what's your take on what's going on with the banks today like jpmorgan, down 1 1/4%?

you own that stock. >> we do. i would say jpmorgan out of the whole of bank stocks is the best run bank on wall street. i think the earnings quarter was okay. it was a mixed quarter, if you would say. i think the core results were quite strong. the capital markets business, fee revenue business was quite strong, even excluding the swrees is a gain. i think where the concern perhaps was the higher loan loss provisions, higher expenses. jpmorgan's had a wonderful run this year so near term probably not more up side, not a lot more up side from here but long-term prospects remain very optimistic for jpmorgan. >> what about the banking sector in general? combined with what lower rates would do, i'm just -- and if there are some concerns about the strength of the economy, maybe that's why these stocks

aren't necessarily working on a day where their earnings are pretty good. >> you know, i think it's a combination of two things. one is banks generally do better with lower interest rates. we need to see quite a bit of lower interest rates for banks to work. there is still some lingering concerns of the commercial real estate market and how that's going to affect earnings on a going forward basis. we personally don't have too much concern about that in light of the recent stress tests that show a lot of these banks despite some very terrible scenarios can come through quite well. i think it's just -- it's not a -- it's not a favorite trade among investors now. i do think as rates come down they start to work a lot better. >> do you feel better about the chip space after taiwan semi this week? the space at general had pulled back. you know, obviously in tandem with the nvidia correction, but it wasn't the only one to correct. and the sox this week has been at new highs. is the trouble over there?

>> you know, the semiconductor industry continues to be a very hot space. of course given the ai trade. taiwan semi just eclipsed 1 billion this week. the expectations going into the earnings this week were high and the company was able to deliver. i think there's a lot of levers that the company can do to continue to do well. it bodes well for downstream. nvidia is doing well as is apple. it bodes well. >> king, do well. king lip. >> thank you. >> small caps, utilities, real estate. now one top money manager is calling for more opportunity in this year's market laggards. rockefeller's jimmy chang makes the case after the break.

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big day for stocks with the dow and s&p hitting all-time highs. my next guest says stocks could soon start to lose steam and it's finding opportunity among this year's laggards. joining me is jimmy chang. good to see you. how are you? >> good. how are you, scott? >> i'm good. losing steam. some people think there's a lot to go here. >> well, i don't mean losing steam in the sense there's a bear market around the corner,

but given a strong run into the earnings season with expectations fairly high and looking at a recent deceleration in the economic supply indices around the world, you know, there are higher odds of a potential downward guidance revision going forward. so potentially we could run into a sideways market. >> i can see why you would say that, but on the other side of it, of course, is the expectation of rate cuts. so how do i view everything that you just said but knowing that the fed's going to cut rates and traditionally we say don't fight the fed. why should we fight it this time? >> yes. indeed. historically, when the fed starts easing initially equities do well because there's expectation. on the one hand you argue for soft landing. on the other hand you don't want to fight against the fed so equities, indeed, perform well. but i'm trying to take a longer

term view beyond the election. it's always difficult to quote where the market will be in the next few weeks but seasonally once you get into september, early october time frame, historically that's a more choppy period. plus given political uncertainty and also what happens with the stimulus after the election, i will argue that the years 2020 through '24 have been supported by unusually strong both monetary and fiscal stimulus, especially on the liquidity front. and a lot of those will dry up probably by year end. so that sets up for a more challenging 2025. so while we're not sort of bearish right now, i do want be to do some rebalancing where appropriate. >> okay. to where? >> i would say if you look broadly, about 50% of the index

is high to tech and max 7 stocks in discretionary. that to me is too high for comfort on a long-term basis. at the same time you look at sectors such as energy. less than 4% of the weight that we're all excited about ai, you cannot run ai, you cannot run status engines without energy. i do think natural gas is well positioned so they are interesting opportunities in the rest of the market where evaluations are still reasonable. >> okay. >> we look at index level, it is elevated. >> so you then are a deep believer in the broadening story over the next couple of years i feel like it sounds. >> on a multi--ymulti-year basi have to believe in the broadening out or you're really bearish because concentration means you're hiding in some of the secular growth names and you're implying that the rest of the market will not do well because of economic challenges. so, in fact, when you buy into

the thesis on a multi-year basis, that's an optimistic view. >> or you just want to maximize your gains and where the highest growth areas of the market are. it's not necessarily an indictment of other parts, but if you think that best growth is going to come from the nvidias of the world, assuming their earnings can continue to deliver, wouldn't you just stay there? >> but it's not a one variable market, right? you're talking about growth. at the same time we're looking at expectations and valuations. so you can have very strong growth, but if it underperforms the expectations, then valuations could potentially contract. these stocks will remain great companies but valuations could contract. at the same time, in the rest of the market where expectations may be low and as reflected in a more reasonable evaluation range, that presents the opportunity should we get it running out, you know, economic

growth around the world in the coming years. >> do you think the overall valuation of the market now is too expensive or is the whole thing skewed because you said it, right, at the index level we have record highs under the surface we don't. there are a lot of stocks that haven't performed as well. the top heavy nature of the market has skewed the overall valuation read of the entire picture. >> yeah. if you look at it historically, and also just mathematically, we've had 10-year yield at about 4 plus percent. the pe -- the reasonable range for pe is probably around 16 to 18 times. currently on index level we're at 23 times, so that's way above the fair value range. again, that's not a timing indicator, but in the long run that's a warning side. at the same time the median fee is still around 17 times so that's where the values are.

a lot of interesting names. the dilemma for active managers is that if you have a diversified portfolio, if you start to shift into these g laggards, you run the risk of under performing. only 1/4 are outperforming year to date. actually found it more interesting because they are doing their job by being diversified. >> yeah, but they're also worried about the two words that no, you know, money manager ever wants to think about, job security. >> it is a tough market. it is a humbling business, isn't it? i have the luxury of being a asset manager. >> we'll talk to you soon. jimmy chang up next. kate rooney is standing by once again with the biggest movers. >> data breach hitting the shares of one major telecom

company and its partner. sunny skies in stocks. we'll bring you that coming up on "closing bell" right after the break.

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let's get to kate rooney for the stocks to watch. >> at&t is the first one that says hackers stole six months' worth of calls and texts in a

cyber attack the company admits includes nearly all of its customers. they say the data was illegally downloaded from snowflake. the sec is investigating. shares of array technology are up. they cited the potential for the stock to bounce back after losing 30% so far this year. it is a strong day for solar stocks. >> kate, appreciate it. kate rooney. still ahead, a bumpy start to the banks. wells fargo, citi, jpmorgan under pressure after reporting their earnings. we'll get you set up for the big names poing rertnext week. we're back on the bell right after this.

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♪ ♪ ♪ ♪ tech stocks rebounding. we are focused on the strategy and the potential pitfalls for investors looking to play the momentum trade. for that story head to cnbc.com/propick or scan the qr code on your screen. speaking of moment. nvidia recovering some losses from yesterday after price target hikes. we'll take you inside the market zone when we do that next.

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good game. thanks for coming to our clinic, first one's free. . we're now in the closing market zone. mike santoli is here to break down the crucial moments of the trading day. leslie picker with big bank results plus the ones to watch for next week. seema mody with the price target hikes. michael, fading into the finish here but some of this week as you see it. >> just a lot to ask, i guess, to do a lot of buying at the highs at the end of the week. market's not making any missteps here in terms of big picture. 300 new 52-week highs in the new york stock exchange against new lows. it's pretty much let's empty the tank. i think this broadening trade.

the greater participation is absolutely welcome. what it didn't do is change the fact of cooling off. a lot of two-way action when we do get it. nothing bad. it's more about how many times have you priced in this the soft landing in m the first rate cut? maybe not enough. maybe we've done it. >> you've got two sides to this. one part of the market looked really over bought. >> that's right. >> the other part looked over sold. >> this is why i've been saying if you want to say the market needs to correct, you have to say the index needs to correct because industrials, consumer cyclicals have done nothing or worse so it doesn't seem like there is a lot of air into those groups. it means we can turn around or shop around. who knows, we want to keep melting up, that can happen too if the chase is on. i think it's too early to say. now the character of the market is totally changed and we can write a different script.

>> jury is still out. leslie picker, talk to us about the banks. >> yeah. the so some evidence here, scott, at least in terms of the story we saw with the three reporters today. jpmorgan, citigroup and wells fargo is the extent to which noninterest income is offsetting their net interest income. non-interest income encompasses line items like fees as opposed to net interest income which is largely driven from loan making. this was the point which was able to meet earnings estimates even as it met on net investment income. for jpmorgan investment banking fees jumped to $2.4 billion. that was something the cfo said may be attributable to some pull forward refinancings in the capital markets that took place in the first half of the year. citi was down 3% from last year while its markets had surprise

growth to be the biggest market generator. now another snapshot, of course, of noninterest income when goldman reports on monday and tuesday with morgan stanley and bank of america stock. >> seema mody, nvidia gets some price target hikes. not much new on that end obviously, but it's enough to get the stock rebounding. >> it is, scott. the stock is moving here right around $130 a share following two more price target raises, this time from benchmark and oppenheimer. oppenheimer is pointing to second half tailwinds with nvidia's older chips, h 100. benchmark teams channel checks say demand is still outstripping supply despite new players. softbank purchasing ai startup graft corps. scale has been an issue for this startup. that's been the challenge for

any company trying to rival nvidia. right now speaking of the price target raises, we've seen ten. next month the broader supplies. asml and full earnings from taiwan semi. those two names out next week. big week ahead, scott. >> seema, thank you so much. mike, two minutes to go here. we're going to fight it out for 40k on the table to the close. >> yeah, right. i think we closed above it. we sort of went above it in may. i'm not sure we actually held it into the close. yeah, i mean, obviously we'll see if this is anything more than just a little bit of an exhausted buyers' market at this point. right now i think one of the things i'm seeing and the confusing signal is it just doesn't feel like the beginning of something. when we talk about, you know, now we have a clear path to see the fed's first rate cut. now we're getting greater confidence that the soft landing equation is in place, sure,

maybe that's an excuse to go rescue some of those stocks that have been left behind, but on a market wide basis it doesn't feel as if we need to burn off a lot of skepticism that's already built up along the way here. so these signals that we got yesterday, massive reversals to the up side. the kind of momentum move in small versus large, for example, that you only ever see near major market lows when the market has been super volatile and weak for a long time. that's why i feel like it's you have to respect it, probably not a one-wonder or fluke, but it's probably also not going to be some kind of seamless transition to a market where somehow we stay levitated on the index level but all of the rest of the stocks catch up. >> the russell is the most durable. it's keeping a gain of more than 2%. yesterday was the best day of the year.

>>. >> going to have a little bit of friction. >> sun country airlines. it's another inch out of it. morgan brennan is offer.