welcome to power lunch. the fed is releasing the beige book right now. we're digging into that and will bring you the details shortly. we've got another interesting day for the markets. the dow is higher by about 200 points, setting records crossing the 41,000 for the first time led higher by united health and j&j among others. the s&p is down and the nasdaq is really getting smacked, down

nearly 3%. >> yikes. one stock deserves most of the credit for the dow's two-day run, united health. the highest priced and most influential stock in the down. it's up 11%. dragging have been the tech names, apple, microsoft and amazon. what's hurting them today is trouble in the chips. concern that no matter who becomes president they'll be tougher on semis. they may be seen as possible u.s. alternatives. groebl foundries call that 7% and del 1.5%. >> alternatives on the manufacturing side. the russell 2000 is down today, but still up 9% this week compared to a 3.5% loss over a week-long period. let's bring in mike santoli. small caps overtaking mega caps at least for a few days, mike. >> yeah, jon. it's almost as if the laggard parts of the market tried to get

all that underperformance back in one big bite. it probably isn't going to be as smooth as today's action shows. obviously mentioned that the big aggressive selling in semiconductors on some news and broader mega cap tech have been crowded. it's been unwinding. the rest of the market today can't really quite absorb that with an offset of buying that's mostly because of the run we've already seen in small caps. the majority of large caps as well. today two stocks down across the market for every one that's higher. so that's profit-taking in small caps. one area that's still pretty consistently green right now is financials. so bank stocks, both regionals, the broad sifi banks as well as broad financials, that's where the backdrop of a soft landing and fed cutting rates and maybe lighter regulation seems like has more traction as opposed to the quiksilver trade in smaller cap stocks which are levered to this fed rate cutting story. >> interesting to me, mike, that

the russell 2000 isn't performing as badly as the s&p today. the russell down a little less than 1% while the s&p is down almost 1.5%. does the russell reflect more what the equal weight s&p is doing, is it the bigger stocks underperforming more as you were just saying? >> roughly so. i think the equal weight actually is not down that much. honestly, in the context of a 12% or 13% gain over five days in the russell, what we're seeing is skimming off the top. the problem is it got stretched in the short term. it's also very just money flow basis. a lot of data about how many options and etf buys flooded into that segment of the market which isn't that big. as we used to keep reciting, the russell 2000 is smaller than microsoft or apple in terms of market value. i don't think it has any special powers of prediction or bellwether status. it does show you that this

market wanted to rebound. we werevery crowded at the top and trying to rectify that even if it's a little sloppy today. >> by the way, mike, watching the ten-year which continues to sink lower. still above 4%. i read some who argue it goes 4%, it should ignite more hard landing concerns. the way it's acting now seems to be more part of the goldilocks story. >> at this point, kelly, i agree. around this 4.2 level in the ten-year, it's kind of where it was in december when powell pivoted, whether he meant to or not, in terms of saying we're going to be cutting rates this year. that's when we cracked below -- around that 4.2 area. we're right back there. right now the market based on what it sees ahead of it is saying, yeah, we've got multiple cuts on the way. i agree there's a limit to how much you want to see this go down in a hurry on the long end. it proebld would mean we're getting more easy about the economic fundamentals. >> mike, thank you.

4.15 on the ten-year. for more on what's next let's bring in mike collar felt from clear bridge advisers. what do you do here? do you think the russell thing is a head fake? >> i don't think it's a head fake. i don't think it's necessarily a straight line from here. the markets have become highly concentrated both by individual name and by sector. they're extremely cap weighted. that reflect a lot of the ten nominal attributes of these tech companies. as so much investor emphasis is focused there, it's created opportunities elsewhere, such that it makes sense for people to be looking elsewhere for value opportunities. >> you have some names, energy, utilities and so forth. what's the fundamental case that even those who say, okay, a trump administration. but you go back and look at the performance of some of these areas in the four years, it's not always clear there was a massive opportunity there. >> yeah. i don't know that the opportunity so much outside of

the big tech companies is really about trump and a trump administration and what that means for the economy. i think it's more just that they've been underinvested in. as money flows have gone into indexing mimicking portfolios. as these companies have risen so much, it becomes so concentrated. the top three names in the s&p 500 are over 20% of the market. so any opportunity to lighten up on those and look elsewhere given the small size of the names we're talking about elsewhere again, i think the stat you just referenced, the russell 3,000 is smaller than any of those companies. a smaller company can have profound effects on the smaller cap companies. you combine that trading or tactical dynamic with attractive valuations, and it's a pretty attractive setup on a risk-adjusted basis. >> i'll take a chance and ask you about comcast, down 8%

year-to-date. we love it like family here since cnbc is owned by comcast. explain to me where you sue r see the opportunity, especially given the challenge across broadband and with cord cutting in general with a some that seems to be pinched and looking for ways to pull back and spend less? >> comcast has a number of phenomenal businesses, most notably cnbc and its terrific talent. really what makes comcast so attractive right now is a combination of attractive franchises and most importantly its high-speed data business. broadband activity is over half the company. the valuation is ex-dreamily attractive. comcast is trading about ten times earnings. it's a strong free cash flow generator. about a 10% free cash flow yield. the remainder of the free cash flow is shrinking the follow. the main concern around

broadband and comcast is broadband growth and subscriber growth. there have been two dynamics weighing in over the last couple years which we think are about to reflect the other way. the first would be move activity. obviously with higher interest rates we've seen less people moving and buying homes. that's created fewer of what the industry calls jump balls. with interest rates coming down, we expect more activity which will increase the opportunity for those jump balls. the second area for comcast and the broadband providers which has been a challenge is fixed wireless access. companies have offered fixed wireless impact. they just launched it a couple years ago. it had nice growth from the start. we think that it's about to inflect toward slower growth, really for two reasons. number one, simply from a comparison perspective. the base of subscribers for fixed wireless has gotten bigger. the second aspect just by its

nature it's limited in how big you can offer it. i uses a lot of bandwidth. there's natural constraints to how big that can grow. as we sit here today we see comcast continue to have nice pricing power. they're raising prices despite the fact that subscriber growth is weak. we think subscriber growth is about to infleblt, maybe not hugely so. we think it's just -- we see very little downside and meaningful upside. >> as tempted as i am to say, oh, go on, i want to hit something else with you. utilities, arguably an underloved area, but for good reason. you think there's improved growth outlook here with the energy transition and the data center ai trade. yes? >> exactly. so obviously i'm a dividend investor, so maybe not surprising that we talk about utilities. utilities right now are actually

exciting for a broader range of investors. it's not often you use the word exciting in a sense about utilities. it's really true today. not surprisingly they enjoy -- you can buy high quality utilities trading at 15 or 16 times earnings versus a market in the low 20s. what is unique about utilities for the first time in decades is the growth outlook. utilities have had little growth in the last 20-plus years. it's inflecting higher. three drivers. first the energy transition, more people plugging in electric cars, et cetera. you need -- there's increased demand for electricity. that's the first driver. the second is ai and data centers which people have been talking about a lot lately. the third is grid hardening and resiliency. whether it's wildfires in california or hurricanes in june along the gulf coast or wind storms in the midwest, climate change is requiring substantial investment to harden it.

we see all of those aspects coming together to drive meaningful growth for utilities. this is not a one or two-year phenomenon. this could be a ten or 20-year phenomenon given what people are forecasting. we think it sets up very attractive risk adjusted return propositions. >> maybe dividends in general become more appealing if rates are headed lower. mike, thanks for your time. we appreciate it. >> my pleasure. let's go to megan casella for the details from the fed's latest beige book. >> a little bit of a softer beige book overall here, especially on the labor side. economic activity maintained a slight to modest pace of growth in a majority of the district. seven saw some level of increase, but five were flat or declining. that's three more than the prior period in late may. prices were reported to have risen modestly. auto sales were varied. some saw lower sales to higher

interest rates. demand for consumer and business loans were softer. there was a big range on manufacturing. some districts were seeing moderate growth. others we porting a brisk downturn of expectations. the economy with slower growth overall. they thought over the next six months growth would be lower due to uncertainty of the u coming election. on the labor side employment rose at a slight pace in the most recent reporting drinth. most districts reported employment was flat or slightly up, while a few reported modest employment growth. skilled worker availability remained a challenge. that's been a challenge across all districts, but several districts did say there was some improvement in labor supply conditions, and that labor turnover was lower. fewer people leaving their jobs. several districts said they thought they could be more selective on who they were hiring, not backfilling all positions. again, seeing softening in the

labor market. some districts even saw slowing again due to the more work for availability and lower competition in hiring. on prices, just to wrap up here, prices increased at a modest pace overall. a couple districts saw only slight increases in prices. consumer spending was mostly unchanged. almost every district reported consumers only purchasing the essentials, trading down in quality, buying fewer items and shopping around for the best deals. that was a big theme here as that labor market gets a little slower, consumers once again being very price sensitive and reacting to high inflation. >> megan, thank you very much, megan casella. markets has the dow hanging on to gains. big tech under pressure. coming up, a sunny smack down. both sides of the political spectrum targeting the chip base. nearly every stock in the group, lest they make the chips themselves in the u.s., takes a

hit. further ahead, big moves in small caps. we'll trade some of the names in three stock lunch when "power lunch" comes right back. d sunny. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

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1-800-217-3217. that's 1-800-217-3217. welcome back. semiconductors are under severe pressure today. smh etf is down 6% on worries of u.s. restrictions on china exports. seema mody joining us with more. >> both leaders taking aim at the semiconductor industry when nvidia, microsoft, google and others are investing millions in artificial intelligence. former president trump is calling out taiwan's semiconductor dominant role. they make about 90% or more of high computing and smart phone chips. the company reports earnings tomorrow where the company's joe oh political strategy is expected to come up in the discussion. you'll see shares of taiwan semi are selling off. separately president biden is

reportedly considering further restrictions on chip equipment sold to china. that's overshadowing asml's strong earnings report last night. susquehanna says others to take into account is amd. intel under the ceo has emerged as a beneficiary of a more contentious taiwan-u.s. relationship. shares are high tore day as are global foundries and texas instruments. morgan stanley reports their chips don't compete with tmc's -- saying all this in front of the godfather of tech here, jon. clear li there's a lot of price action. hearing people re-evaluating the opportunity. >> i feel like scratching my chin when you call me the godfather. i feel it's an interesting dynamic because it's not like you can shut down the taiwan

situation if trump says, oh, the u.s. isn't going to defend them unless they pay up, and nvidia can shift their capacity to some u.s. operation. it hasn't been stood up here. it won't be ready for four or five years. >> for their u.s. operation? the thing i'm confused about. is the issue -- if tsmc has capacity in the u.s., does that solve the issue or no? >> well, if they had capacity at the scale necessary to satisfy blackwell demand and all of the demand for iphones and all these things operating at higher nodes that really need that manufacturing capacity, but i mean it's a juggernaut, tsmc is. it would tarek the u.s. and intel a couple of decades to be able to replace that kind of capacity. >> they've already said at the oregon plant that costs are too high and chips manufactured here in the u.s. will be more expensive than in taiwan. an open door for washington to

provide a subsidy to the companies producing here. >> it takes years. it's one thing to say can we produce the same sort of thing here as they do over there, they're backlogged no matter where you're producing it. you can't take the majority of it off-line and be fine. >> it can be tsmc, but it has to be in the u.s. in order to make it. but you still run into these problems. >> seema, stick around, we'll do a lot more. let's bring in matt bryson senior vice president of equity research and hardware at wedbush securities. jump in, matt. there aren't really easy alternatives if there's there's the threat of losing the juggernaut capacity in taiwan. >> no. you've got it exactly right. you look at the next couple process transitions. it's not a decade at this point. but the next three or four years, there is no alternative. the companies are already designing their next set of

chips using tsm. so that's where those chips are going to be coming from. so, no, that business can't move from tsm to intel or tsm to samsung. it's on tsm. >> to clarify, i wasn't saying a decade to reach the process mode, but until there's any possibility of being able to replace the volume produced out of taiwan. it's one thing to say we can make the same thing over here in smaller batches. it's another thing to say everything you made in taiwan we can make here in the u.s. but it's chips for almost every single iphone. >> oh, absolutely. tsm has been spending 30, $40 billion a year on adding capacity. so we're replacing that in -- you can do it at some point, but it certainly would take a substantial amount of time, not even talking about the fact that

bringing a new one, it's two to three years. >> is there anything else the u.s. administration can do to expedite and make the c.h.i.p.s. act more efficient? i was speaking to the council on foreign relations about easing regulations around environmental concerns, permitting, to help companies like tsmc really expedite their manufacturing here? >> certainly you can make it easier. so, yes, if you ease permitting, that certainly helps. one of the reasons that tsm has said it's more expensive to build chips in arizona even with subsidies is they don't have the front end operations in the u.s. today that already exist in taiwan. so you could subsidize, for instance, the tell cal makers who supply the fabs. there are certainly things you can do. at the same time tsm has

successfully executed on 7 nan meter, 5 nan meter. this isn't easy. so replicating their strength in operations, can you do it? probably, but there's no certainty that you get it right, say, this time or next time. >> matt, if this dynamic continues, and i'm speaking specifically about former president trump who is doing quite strongly in the polls right now, i don't know whether to call it sabre rattling but wallet waving a bit in the direction of taiwan. if there is that risk about chinese capacity, does it make global foundries and particularly intel, does it make their strategies more viable or do you have to kind of shift the map on the number of signups they're likely to get for the fab capacity given that companies might want to hedge? >> so i certainly think from a

risk perspective, when you think about the global risk for global foundries, tensions between china and the u.s. escalate, then using them versus, say, a umc in taiwan or a tsm in taiwan, that they see some benefit from that. with intel it ends up being a bit more of a mixed back. from a longer-term perspective, if the u.s. and china and taiwan subsequently end up dissociating more, intel is along with samsung b the other choice for foundry. at the same time remember that intel is also still supplying commute products into china. so you gain longer term if you're able to gain share in that capacity. but you potentially lose in the

short term if we end up with a president who doesn't allow china to import certain chips. >> is there any reason why you think the championships act might be under pressure. we've had this huge surge of enthusiasm and excitement around ai, u could it be more than the market's usual reaction to comments like this. >> certainly from a valuation perspective, all these have been doing extremely well. i also think one of the reasons that we've seen such a run in chip stocks is demand is really, really strong. we had a bunch of taiwanese companies report june numbers. they were all really good, particularly ai related numbers, but also hand set and pc. so i think what we see in the chip stocks reflects the end markets getting better. at the same time when you have valuations that are elevated, you get bad news, you get a

selloff and maybe disproportionate to what it should be given the current conditions. >> yeah. >> next we've got to see what pc demand, seema mody, looks like in this quarter, right? >> sure. there's so much focus on ai and the more advanced chips. of course, the sectors like pcs, smart phones, that gives a good indicator of chip demand overall. taiwan semi tonight. next week we hear from nxp among others. >> more needed data points right now. thank you seema mody and matt bryson. further ahead, it's not an illusion. the mirage is closing. hard rock is closing the famed casino to make way for a new resort. "power lunch" will be right back. (fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) how so? (fisher investments) we're a fiduciary, obligated to act in our client'' best interest. (fisher investments) so we don't sell any commission-based products. (other money manager) then how do you make money? (fisher investments) we have a simple management fee, structured so we do better when our clients do better. (other money manager) your clients really come first then, huh?

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welcome back. some nice gains, 244 points higher for the doushgs helped again once by strengthening unit health. s&p is going the other way, down 1.2%. the nasdaq down 2.5%. as for the bond market, we're seeing yields soften there as well.

rick santelli standing by in chicago. >> yields are near unchanged. they've been a little higher, a little lower. as you look at a chart starting in february, two-year notes, we had a five-month-year close. same true for the ten. the ten-year going back to march, hovering at a four-month low yield close. why? just think, hoelgd on to most of their gains that really were incited by the drop in cpi last thursday. now, we can talk about the strong policy president that may be gaining in the polls. definitely seems to be having an effect on markets. one of those is foreign ex exchange. the strong dollar giving way to a weaker dollar, being led by the dollar yen. here is the two-week chart. what you want to look at here is the middle of the chart. that was thursday, friday of last week, perceived intervention not confirmed. was there intervention again

last night? possibly. these are really big moves. if you open the chart up, we're hovering near, actually a little longer than a one-month high for the yen glens the dollar, going back to a close on the 6th of june. finally, here is your weaker dollar. you can see the chart there. we're hovering near a four-month-low close. haven't closed at these levels since the 20th of march. jon fortt, back to you. >> rick santelli, thank you. news coming out of washington today. let's get to emily wilkins for those details. emily. >> hey, jon. so we have another -- more democrats coming out today with concerns about president biden continuing his candidacy. adam schiff, a congressman from california, an ally of nancy pelosi, very big on the january 6th panel and perhaps most critically very likely to be the next statutory from california is out with a statement saying biden needs to pass the torch

and he believes another candidate stands a better chance beating trump in november. he didn't say specifically who the party's nominee should be. these concerns are coming a day after a number of democrats were circulating a letter on capitol hill to get the dnc to delay a virtual roll call vote that would have locked down biden as the nominee. you have had chuck schumer and hakeem jeffries, the democratic leaders of the senate and house go to the dnc with concerns from members asking them to delay. in a letter today the dnc said they would hold the roll call vote but not until after ag 1st, which could give more time for lawmakers to come out and register concerns about president biden continuing his campaign. >> all this comes as the republicans are closing ranks quite nicely at their convention. emily, thank you. now over to kate rogers for a cnbc news update. >> the fbi and secret service are are reportedly briefing all

house members on the attempted sass assassination of donald trump. it comes as house speaker mike johnson and other top republicans call for the resignation of the secret service director in the wake of the shooting. a source tells nbc news president biden is expected to meet with israeli prime minister benjamin netanyahu on monday. it comes a couple days before netanyahu is expected to address congress amid criticism in his own country over his handling over the israel-hamas war. it was a good day for fx. the network's hit show "the bear" grabbed 23 emmy nominations today set ag comedy series record. it includes best comedy series and best comedy series actor for alan white. the awards will take place on september 15th. jon, back over to you. >> thank you.

"the bear" has to be the least funny comedy series ever. >> but so good. >> my wife loves it. it's not a laugher for sure. >> dark humor. >> indeed. rising u.s. rate cut optimism steering gold to all-time highs. more on that next. welcome to the now way to network... they switched to juniper's ai-native network. now everyone's so productive, they're operating at a higher gear... now their network is self-configuring, self-detecting and self-healing. so their it team deals with up to 90% fewer network trouble tickets. (sonic boom) whoa, what was that? just the sound barrier.

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1-800-217-3217. that's 1-800-217-3217. welcome back. outside of stocks, we're tracking moves in currencies and in the commodities space. the dollar hitting the weakest level against the yen since may. it comes as the republican ticket trump and vance have both called for a weaker dollar. the opposite reaction in gold. flip side of weaker dollar, although down as well, under $25 an ounce. here to discuss, ryan mcentire. good to see you. it's good to get your point of view in a time like this. mark cuban had thoughts about this earlier today saying this is all a ploy for bitcoin to do well. how seriously should we take

some of these forecasts? >> so i think when you have very, very violent moves in the market it's often because somebody has been wrong-footed. i think when people think back to the first trump administration we had initially in 2016 a very strong dollar. a lot of people have been looking to do the same kind of trades. now what has been happening in the last few weeks is that, as we heard earlier, the cpi came down low. that's going to put pressure on the dollar. then on the day today we've had pretty severe risk aversion that has been very specific to the u.s. equity market that is also causing some unwinding of positions. so all those people who are looking to try to repeat the trades from 2016 as trump gets to be the candidate, they're probably facing difficulties in

stepping out of those dollar long now. >> so maybe the most direct line of thinking -- two ways it can run. it can run on the fed, margin pressure for the rates to be lower. it can run through the treasury, if they were going to use the first to run up deficits and kind of weaken the dollar that way. do you see the dollar going below 100, significantly so? is that possible? what would the conditions have to look like for that to happen? >> so in order to get the significant dollar weakness, the way to do that is -- or the way that happens is you have the fed cutting rates, and we don't have monetary policy easing around the world. so that doesn't look particularly like it. now, i think part of the picture that is surprising people this week is that there's more and more talk of tariffs. and when trump implemented tariffs in 2018, we had dollar

strength, especially china. people are surprised we're going in a different direction now. we look at a lot of positioning in the market, and i think what is happening is this turn in dollar-yen is creating a squeeze in the market where people have to stop out of their dollar long and they came from very, very elevated positions. these part of what's gaining on tactically. if you look at it longer term, and we do have increased tariffs, especially on china, it's pretty unlikely that the chinese currency is going to rally significantly. we have tactical moves, structural moves and sometimes those can deviate from each other. >> ryan, what do you think is the protectionism trade in commodities if tariffs are higher in the future in europe, and europe and taiwan are less certain of u.s. allyship and protection? --

>> all roads lead to gold in this category. it's interesting, when people talk about currencies, the devaluation of various currencies, what's interesting is they measure currencies relative to other currencies. as we all know, all currencies are being debased at the exact same time, just some at different rates. i think measuring it versus gold is to true way to look at it. i think gold is one of the things that's the antidote a lot of people are worried about, whether it's protectionism, inflation, increasing global tensions. i think gold is the one thing that's been unloved as well. so that also helps in its favor. >> i think it's such a great point. i remember back in my early reporting days when i would say to people is the dollar up or down. id eve say, but what's the value of the dollar in and of itself? how do we know? what do you measure it against? they'd say well, i guess, gold, real estate. we know what's been happening on that front. maybe if the foreign exchange

rates are stable, you think there could still be debasement happening and holding gold is a hedge against that or maybe other similar assets. >> exactly. gold has been a great storer of value in terms of protecting purchasing power. i think today people want that more than ever, whether that's individuals wanting to protect their own wealth or even central banks and countries who have been buying huge amounts of gold over the past three years. you've seen the brics countries in particular ramping up purchases specifically to the point where they're buying half the central bank purchase gold. >> i don't know if you have a view on crypto, but if i read mark cuban's tweet and said it's possible bitcoin does well, the dollar in a tell think way does not do well, do you think that argument would apply to gold as well as being a winner? >> absolutely. in fact, i think it's probably the end game winner just because it is physical, and i think it has a long history of being able to protect against significant

uncertainty in almost any environment. >> still feels weird to buy a gold etf. you can do a gold bar. anyway, gentlemen, thanks for your time. to be continued on both fronts. still ahead, the end of an era. staple of the las vegas strip for more than three decades, shutting its doors for the last time. we'll break down what it means for the sin city economy when we return.

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music, and its rebuild with change the las vegas skyline. >> when we're building an almost 700-foot guitar, the building will be shaped like a natural authentic guitar. that becomes very unique. i think that creates another dimension as far as tourism and an interest in the las vegas market. it's obviously something very unique with the hard rock plan. >> 3,000 mirage employees will lose their job as a result of this closure. analyst john duprey says in short term the mirage closure will take nearly a million room nights out of circulation every year. that's expected to boost caesar's and mgm resorts which are experiencing record occupancy and room rates. add to the demolition of the tropicana to make way for the new baseball stadium for the a's, the strip will lose about 5% of its rooms every year.

hard rock anticipateses reopening spring of 2027. jim allen says he's going to shock the world with the caliber of music entertainers he's talking to about a residency. i said to him, is it taylor swift? you know what he said? no. >> we know it's not. >> really, so if it's not taylor swift, who else could possibly shock us? not in las vegas. >> britney spears is shocking people left and right. what's driving vegas creativity right now. you build it up, tear it down. there was a time for circus circus. like you're in egypt, but you're not. seems like there's a different modern, not immersed in a place, line the venetian. what is it? >> it's luxury. you can see it with the cosmopolitan, the brand new fountain blue that's opening. although some reports are it's struggling to find a foothold.

one thing is sports may become a driving factor in how well vegas does because the conventions of course drive it midweek, but the sporting events are bringing people in from all over the world. that's one. number two, i don't think you can underestimate the power and the ill lear of the sphere. if you love the band going in to play the sphere, people will spend boat loads of money because that's a bucket list event. i'm not trying to give msg or the sphere any extra business. i'm just saying as a consumer of an event, it was bar none like nothing else i've ever experienced. >> that's it. we're turning the studio into a sphere. >> it kind of is already actually. there's less singing than i would like. >> well, ke with change that. coming up, small caps are in danger of snapping a five-day win streak. we'll ask our trader ow lchwi brit to buy the tip. "perun" lle gh back.

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time now for "three stock lunch." today we have our eye on small caps, russell 2000 is low dear, but the index is riding a

five-day win streak, up more than 9% from the past week, and highs is chris presanityi. first up, kb home, surging over 22% in the last week. chris? >> john, thanks, nice to be with you again. a homebuilder is set up for what you -- rates will probably come down by year end. kb homes, 60% of the homes they're selling, they have to give 60% of the mortgage rates. they have to subsidize the mortgage. as the sales can keep up, the rates come down, this can be a remember, the so a bid of an investment flow their way can

make a big dinner. >> i didn't think of kb as a small cap. flo f fluor, is it too at a time to get in. >> this is another stock you may not even realize it's in the russell 2000. i was surprised when doing my research. about half their business is energy. if trump wins this would be a good infrastructure stock, but the other half is interesting. you know, the weight loss drugs, the new facilities being built, they're doing semiconductor fabs, doing data centers, so infrastructure is all over the place, and these guys are in the middle of all of it. i'm excited about it. final names, utz brands, do

you see this as a buying opportunity, chris? >> i do, jon. you and i know about the girl with a bow in her hair, but folks in chicago and folks in los angeles probably don't. the key is geographic expansion all over the place. most snack companies can't do that, because fritos and others are all over the place. you and i love the pretzels, and we're going to spread them out. a terrific hundred-year-old staples country. chris grisanti, thank you for being with us. remember, you can always heave us on our podcast. don't miss moments like these. we'll be right back.

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♪ welcome back.

let's get a check on the markets, as the nasdaq remains understand pressure. the dow is up heatser. unitedhealth has been up the past two days. >> a lot of big stocks are not doing great. a lot of tech, not all of them tech. i'm going down the market caps that is in the green. walmart and visa, t mobile, crisco, vise up, comcast as well. i'm not going to argue about that. ibm, intel, it's a very interesting -- then we're getting down into the $100 billion range, far away from the trillion dollar ones. >> i never like when walmart is the leadership, never really a great sign. speaking of some of the retail carnage, have you seen five below? >> yes, we were talking about that on "overtime" yesterday. it's an interesting contrast between the discretionary in

five below and walmart. >> a ceo last hour said according that their data, the selectives in they're seeing, it is coming out of some of these stocks. >> and it's not just at the low end. some luxury names are having trouble, and, of course, you can track all of this on "overtime" at 4:00 p.m. >> you have earns, too. we'll see you then, jon. "closing bell" starts right now. welcome to "closing bell." i'm mike santoli in for scott wapner. we begin with the gears grinding a bit in the great rho trace trade, a thorough shakeouts on semis, and as meeting profit taking in the whitehot small caps. here's your scorecard with 6 on minutes to go. it's dipped back below