diego, l.a. and a couple of others in the bay area. san francisco. >> and in other markets, too. we are talking about the, affordability costs and the associated things and this is the biggest affordability challenge for sure. >> it's been a busy day. thanks for watching "power lunch." >> see you tomorrow. "closing bell" starts right now. >> kelly, thanks so much. welcome to "closing bell." i'm scott wapner post 9 at the new york stock exchange. this make or break hour with the bounceback. the extraordinary events of the next couple of day and whether the worst is behind us. we'll ask the experts over this final stretch. in the meantime, let's show you the scorecard with 60 minutes to go in regulation and lots of green on the board and you have the nasdaq bouncing back by 2%. s&p by about the same amount, 1.5% to the upside and getting a good chunk of yesterday's losses and yields are rebounding following that volatile session on monday and maybe that's

helping calm things down just a little bit. twos, fives and tens. standouts in terms of equities? palantir is surging after its earnings and take a look at caterpillar, as well, also higher after its own results today. palantir up, and caterpillar having a nice move, as well and takes us to the talk of the tape. ismore volatility ahead for stocks. is the worst, in fact, over? let's welcome adam parker and the founder of trivariant research and cnbc contributor. good to have youio here. >> good to be here. >> especially after what's happened over the last 24 hours. what is this? >> i was joking when i was off air, after things happen you think it's japanese carry trade and you never hear about it before it happens. i know we talked a couple of weeks about that the financials were tightening a bit and we talked about it last week on the air, so i think some of those

things were knowable and the earnings season was more than people thought and you can point to fundamental things and you can get an unwind when people get nervous. is the bottom in? probably not and you get a few more bad days than just this. it happened fast, but i think it's a little bit premature to say i'm back in with two feet and i'm excited that the bottom's in. >> you think that this unwinding of the carry trade which got a lot of attention yesterday i think has gotten most of the blame for the kind of volatility that we saw. by the way, have you ever seen yesterday morning when you get the vix spiking by 100%. there was a lot of fear in this market yesterday. >> we were talking at trivariant, i've seen my scares and this is the last that we've seen in the last 20 years and it fell sharp or vix and fell sharper on financial conditions

which nosediveded and when did last get on the metrics? it's covid and it's definitely not 2008 and there are kernells of truth that are eroding and i still think earnings will grow in 2025 and 2024. i'm not panicked and i'm trying to think what do i like that i can get that's cheaper now, and i'm trying to figure out how to get more offensive as opposed to just hitting the panic button. >> david solomon's on the tape here and giving an interview and said no recession, the correction in the stock market, quote, might be healthy. sees no emergency cut from the federal reserve either. there are many notes out today saying no imminent recession. that's hsbc. barclays with the jobs report last friday which got everybody worked up, just one print. what do you make of all that? >> i'm inclined to think that while things are slowing they're not falling off the cliff. i was surprised to see siegel

come on ---er is me siegel say we need 75 emergency cuts and that seemed a little extreme to me based on what i'm seeing from the data. i'm seeing enough corporates that you talk about uber and there are enough things going okay for big-dollar companies and i'm not seeing some implosion and i see some eroding in the consumer and we saw verticals and auto, housing, retail restaurants to be more concerned and the sell side estimates are too high. they have to come a notch, maybe two notches lower and i don't think it's, like, hit the panic button and it's, like, let's turtle up. >> of those that were calm, cool and checked was rick reader of blackrock, and he said, look, this presents a pretty good opportunity. i want you to listen to what he said yesterday and most importantly what he was doing and looking at. >> part of what makes this an

interesting market is there's some stuff to do. there are some things to trade because markets are overshooting in a bun ch of places and you look at the move today, there are opportunities across these markets where we're seeing in extreme moves and taking advantage. by the way, i see the same thing on the equity market. i mean, some of the names that have reported good earnings and buying back their stock that are down mid-to-high single digits and there are opportunities some of those, as well. >> that's rick rieder. do you think we'll look back at this and say that was a great buying opportunity yesterday with a lot of different things? >> i'm inclined to agree with him that it will present some opportunities and it's just in the past when i see this volatility it shally has a few big up days like today and a few down days before it's totally over. i don't think it's a clearing e rent and you say this is 10%, 20% cheaper like semis that have gotten annihilated and i don't

think the fundamentals are great r. the video is down -- things are down a lot from the peak and maybe it's on a positive and maybe covering some shorts if it's a hedge fund. i agree. you have a lot of institutional clients and hedge fund managers. what's their psyche through all of this? were they looking for opportunity or looking to derisk? >> i think it depends if you're already an incredibly successful hedge fund manager and you're looking for cover shorts and looking for the names you love and you're maybe not too feet diving back in, but you are trying to find stuff or add to some positions that got smaller that you like. a lot of the money is market neutral and these guys all degrossed and they're trying to figure out, they're optimistic and some of the volatility is

behind them and the carry thing is over whatever the consensus view is. it feels like you have another couple of weeks to get on another offensive. so it depends on the client. my own personal view is that i probably would be covering some shorts and looking to add to names that i want to get bigger in for a rally that probably happens later in the fall. >> in what areas do you think were most dislocated yesterday that you thought might be a little overdone? >> semis. that's where it stands out? >> yeah. to me -- >> like nvidia and things like that? >> all of them. semi cap were holding better yesterday because they were for sale, but if i look at what typically -- i look at the last ten downturns of 10% or more over the last 25 years. i looked at how, which stocks normally go down and which industries go down and i say what's happened in this past cycle since july 16th and i sorted by biggest differential and the semis are down more than

they usually would be relative to everything else. real estate's held in better, so maybe i'd sell some of that that's held in better. it's hard for me to believe their fundamentals are really going to be good relative to semis. i think we look back at the end of this month and we're not going to freak out about the trajectory of semiconductors over the next couple of years. i think semis, i would look to own my favorite name that sold off 20%, 30%. let's bring in shannon saccocia, and it's good to add you both to the conversation. do you want to give us your thoughts about what's transpired over the last 24 hours as adam suggested is out there? >> think one of the main opportunities that we see is that clearly, whether it's, you know, sort of the panicked two 75-basis point cuts or something more manageable in september, november and december, front-end rates will come down because the fed will cut. one of the things that we've

been continuing to talk to clients all year is moving your money away from cash and into whether it's longer dur augz fixed income including some credit which if spreads are going to widen that's an opportunity. and it's outside of mega-cap tech stocks and if you're looking at batten town the hatches right now. this is an environment where they will not tighten the bottom and we've beeny telegraphing as an opportunity to push case and i'm lookinging to move money at this juncture. i'm wondering where this rotation and trade which was all the conversation goes from here. the russell today is the biggest beneficiary is up 2 1/3%. it's another question i side rieder about whether that whole conversation is done because if we'll sit here worried about the labor market unraveling and the

economy worsening and the fed blowing it, whether you can still buy those kinds of stocks. i want you to listen to what he told me regarding the rotation and we'll react on the other side of that. >> i don't really understand. the whole idea is there had to be a fed's easing, so you go in the small caps and value. the fed's just moving from a very strictive -- by the way, they haven't move yet from a very restrictive level presumably for the restrictive level, so the whole idea, that if the economy slows we'll be harder from an earnings% pktive and that doesn't make a lot of sense to me. >> do you want to weigh in on that? >> the small caps tend to need a catalyst and that could be things getting better rather than things being perfect. this idea of looking ahead to fed cuts it's not just the fact that we haven't moved yet or

that they're a couple. the market will look ahead to multiple cuts. when we look at this more tactically, our view is that the economy is below trend. so in that environment, we've beensaying it since early july you want to be more defensive, as the federal reserve normalizes the yield curve and economic activity picks up, that tends to be a catalyst. that tends to broaden out market participation. >> you just said 2004 -- growth growth by almost every measure out there. ? yeah. so globally it's below trend or, concerned the market is if you look at the unemployment was historically low and it starts to move up and yeah, that's

people moving back into the labor force and being counted and the reality is that tends to go in one direction. so the market is looking at this saying unemployment is picking up and leading indicators of the economy are starting to weaken and not to recession levels, but leading indicators of the economy are slowing down. >> it's interesting because you can build a case based on ceo commentary and earnings depending on what case you want to make. if you want to say, well, the consumer is starting to really roll over, look at mcdonald's. look at what starbucks and walmart have had to say, but i can come back today and i would say, you know what? look at shake shack last week. look at uber today. these are more premium brands. for a mcdonald's there is a shake shack and for a whatever there is an uber, you know what i'm saying? so the economy still looks pretty healthy relative to what we're hearing. >> what you said in my speak is it should be a good environment for stock selection, right? some companies are shared

gainers and they're doing okay. i think when you add up the dollars, though, when you add up mcdonald's revenue and compare it to shake shack the overall dollars are slowing a bit, but there are definitely securities and things to own, and i think it comes down to the research on where the margins are expanding. i don't think small caps work unless you're very bullish. >> you will matly, you have to believe that their margin is with the asset class and you can pick stocks better there, but their earnings trajectory can't be better in a declining economy. i agree with rieder on that. >> what happened, shan, to do not fight the fed. if we know that cuts are coming what is the overall reason to be extremely negative? now that doesn't take into account an unsettling event like a change in policy in japan which causes a move in currency which causes an unraveling of a

carry trade. no one can ever predict when something like that is going to take place, but that doesn't necessarily change the overall story. >> so i think you made a great point. i think the challenge here is that a lot of the trade has been don't fight the fed, but now what you're seeing and what you particularly saw after the non-farm payroll support on friday is that bad news is bad news because the fed is going to act, and i think that everyone sees them on a rate-cutting path, and so a lot of that has been priced in. now whether 125 basis points of cuts have been cut in the last year i would say likely not at least in the equity market. however, the challenge is if you're basing your decision on investing on any part of the market you are getting a boost united states that that's an unanticipated and unexpected. you would typically see reits sell off over the last couple of days and they didn't because they're already pricing in the rate cuts. if you're basing your allocation

on the fact that you're going to get a bounce from rate cuts, probably misguided. instead, to adam's point, we disagree on small cap. it's a very healthy disagreement on small cap, but i do absolutely agree that selection is critical because this dispersion that we're seeing and you pointed it out is going to continue, and i think widen, over the course of the next three to four months. >> as long as there remain questions about the economy and the unemployment rate continues to tick higher and you have the potential for something getting dislocated somewhere, aren't small caps going to be a harder bet to make? >> i think it is a harder bet to make and i think there's an opportunity for earnings growth, and earnings will grow across the cap spectrum. >> so you talk about bad news being bad news now. that's actually a good thing. bad news is good news when inflation's above 3%. now that we're in this two and a half area, bad news is bad news. i'm comfortable with that given where we have been. this idea of the fed coming to

the rescue, it is all going to be about the economy. so if you look back at history and if the federal reserve lowers rates and you don't have a recession, the market does very well and you're in a recession the market does very well and if the federal reserve lowers rates and you go into a recession and that's the one situation where the market doesn't perform well. leading indicators are maybe in the right decisions. this's not a lot of excess and corporate borrowing has gone and it still remains average and it doesn't look or feel like a recession so it's a market that may worry a bit about growth slowdown and we start to ease and it should be a nice backdrop for equities. >> we wrote about this a month ago, maybe we shouldn't fight the fed.

we talked about it on the air. >> you said the first rate cut could be a sell the news. >> maybe we should fight the fed and when i went out and talked to lots of people about it, i realized it warrant that out of consensus and i wrote about it thinking i'm the idiot who said for 15 years, don't fight the fed and i'll look like a moron when i write this and when i sort of socialized it, 34% of the people, yeah, i can say that. maybe we are in this point of the cycle where, you know, it's because things are really bad and bad news is bad that it happens. >> obviously, things aren't really bad. >> the market got way ahead of the fed come for sure you mentioned it with reits and other areas. i just focus on the relationship with equities because in the past when the fed's cut the front end, you see a balance sheet and there was pickal stimulus up so it's hard to isolate to just what the 25 does to stimulate actual economic growth, and i thinkmore investors are kind of bearish

and it doesn't really matter. >> at bare minimum, do we need to prepare ourselves for a higher level of volatility between now and november? >> yes, and i think there have been many people including myself that have been telegraphing that and it's what you do with the volatility stock. people ask me did i miss, x, y, z trade and this is what you do in volatile times is you look at where you want to be in 2025 and that affords you the happened on to get the position where we still have economic growth. >> more volatility in the. >> probably, but probably not for the reasons why a lot of people think. what i'm hearing from clients is concerns about the election, these types of things and geopolitical uncertainy and that's not why we get volatility and it's what the growth picture will look like and how quickly the federal reserve will look and they don't become more volatile unless growth is

deteriorating and the other point i want to make is these are garden variety corrections. we have them just about every year and what ends up happening, the market goes down 5%, 10% and if you look historically, you were covered in three months. >> it happened in a couple of morn mornings. >> yesterday wasn't garden variety. >> you are right on the index. if you look at the sip 500 it was the 103rd worst day since 1995. in the last 30 years it was the 103rd worst day and if you look at the 12-month return on the 112 days you were up 18% and yeah. there were things that were disconcerting and it was up 3% given the run we had wasn't particularly out of the ordinary. >> if you looked at yesterday and you didn't pay attention to anything, oh, what happened. >> i think there's a difference between people who focus on the index level and they asset

allocate and guys run equity funds and their pain was far greater than a garden variety pain and they're down 15%, 20% and they're losing money. what do i do right now? do i buy some coke or sell in nvidia? they're managing trying to save when this is happening and that's a lot harder than asset allocation from 30,000 feet. >> guys, i appreciate the conversation very much. thanks for being here. we'll talk to everybody soon. adam, shannon, brian, see you soon. >> let's go to kate rooney into the close. >> shares adding more than 14% after the company released better-than-expected results this morning and this is the j&j, spin-off including aveeno and neutrogena and with full-year guidance and uber having the best day on record. it did beat for the second quarter and the company's mobility unit saw a question%

jump when you look at gross bookings to 20.6 billion and uber is expecting 41.75 billion, scott. back over to you. >> appreciate that. kate rooney. we are just getting started here. coming up next, we are trading the tech turbulence and the sector trying to bounce back after yesterday's sell-off with valuations front and center for investors. what might be the next for that space and your money? we will discuss with venture capi capi capitalistrashawn williams. we'll do that after the break. hn and all i can think about is all the green i'm spending on 3 kids in college. with empower, i get all of my financial questions answered. so i don't have to worry. empower. what's next.

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welcome back. tech valuations pulling back as stocks came down. they're still well above their historical averages. is this reset just the start of a further rerating or will coming rate cuts lead to a

rebound across public and private markets? joining me now is r sean williams of value investment group. good to see you. >> good to see you. >> i know you're thinking a lot about the stocks given what's happened of late. tell me what's top of mind. >> it's a complex situation. how much has the world changed since i was last year like a month ago, but there are two camps out there and i fall a little bit on one side of the camp. there are people who think this thing is about an inevitable correction and the market his recently corrected and i was watching you earlier that says this is a run of the mill correction and you have that camp and then there is a whole different camp and this is a long-term shift in valuations. look, to me, i see this as a wolf biting ears situation where you have revenue growth and earnings and tech that create this enormous valuation, and then you have the inflation and the economy and the geopolitical tensions that can't sustain it.

ultimately, i think tech earnings growth will win, but it's a very complex situation. >> when you look at the historical averages of p-es relative to where they are now, do you look at the space and say even though i believe what you just said, valuations just got ahead of themselves or does this all make sense to you relative to where ai is going? >> it makes sense relative to where ai is going because you can't look at p-e alone, you have to look at earnings growth. you have these big tech companies doing the type of earnings kager where you see the p-es all of the time. if you isolate p-es in a normalized environment, you're correct, but when you look at nvidia and the big tech companies out there they're growing like wildfire and it's being fueled by this ai trade. >> what about spending versus return on that investment? >> yeah. so that's actually a good point, and i was thinking about this with uber and lyft which i hope

we get a chance to talk about, as well, but you have to spend. this is from the private markets and we in the venture capital community care more about dominating an industry and being the number one or number two player in the growing industry where then you can expand and increase margins and become profitable later and you want to crush your competitors. right now there is a crush on ai and you can double down on your particular particular and be the leader of as massive industry, and i think all of the big tech companies are spending, but as a publicly traded company, quarter by quarter, is a very delicate balance. >> don't you have to get roi? it can't be infinite that you can't spend until you feel like it. at some point you can be rewarded with a return on investment, no? >> i think we're being rewarded with the return on investment and a lot of people don't realize it is completely infiltrated our entire world. siri is an ai component that

we've been using for years. so those who don't have ai will be punished and those who have it will keep up and those who lead it will dominate. >> let's talk about uber and it's a standout and we can show the stock that's reacting on the report. what stands out to you about the report? the stock is certainly off its best levels that it had recently reached in large part because the prior earnings report was a surprising negative. >> yeah. so i was an early investor in lyft, so i've been a lyft fan from the beginning and i'm looking at uber, like, now is the time. i really hope the market gives lyft enough patience to allow them to steal a little more market share from uber and then lyft can do what uber did which is increase their prices and increase their tech rate and completely flip the switch on profitability just like uber did. so uber executed platthe playbo and they're a dominant player

and they increased their prices and if you look at uber and lyft right now, you are 30% higher for the same trip to use uber. no one cares because now uber is the word and it is the dominant player and they can do whatever they want to do and i'm hoping lyft can gain market share now that they're cheaper. >> let's talk about that because obviously the difference between the two is the alternative revenue stream that uber has to what lyft does not, right? uber eats, and then you have the other side of the coin which is lyft was doing great in a zero great environment. well, that's obviously changed and maybe the company doesn't have the ability to recover because of the lack of profitability where uber can say they are. >> i don't think so. this is a case where there's room for more than one winner. when uber and lyft started there were 17 ubers and lyfts, right? so the ones that were the most well funded, that grew the

fastest and did the most marketing that were able to grab as many drivers and users were the ones that survived, but now that they're both public and dominant players around the world there's room for more than one winner. look, there's no question that it won a race, growing vertically and horizontally was focused on being a pure play. i'm hoping lyft can use the playbook to crank through the profitability threshold and grow revenue at the same time. >> there seems to be more optimism about the capital markets returning to some semblance of normality. what did you see? you mentioned your venture background and you're an early investor in a number of companies. you participated in a number of ipos, and direct listings and otherwise. what do you see from your front line? >> i don't think we're going to return to some normalized world because the world has changed. there is an entire shift in the u.s. economy and with technology and again, i don't want to be

the same guy pumping the same ai horn that we hear all the time, but listen, things just won't be the same. i will tell you this, with the market and the sell-off there's always a technical concern that the high beta names sell off more than the low beta names. so i do think there is an opportunity for companies to still go public and still perform well. let's put uber aside for a second. if they're a non-high beta name and profitable, they'll be able to access the capital market, but if they are a tech company right now with the sell-off in this short period of time and we were teetering, i think it will further delay all of the vcs that they're, and until the markets open up with the high-growth tech companies again. i appreciate your time. see you soon. >> thank you, scott. rashaun williams. stocks rebounding from yesterday's big sell-off and

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we're rallying into the close today, rebounding and trying to recover a good portion of losses from the previous trading days. my next guest says we haven't seen the bottom yet, but he's still finding opportunity for investors amid this volatility. let's bring in warren pies of

314 research. why do you think we've hit the bottom? >> that's just what history says. yesterday at the close we have an 8.5% correction and we went back and studied every 10% move historically going back to 1970s and in general you have a 10% move and more than a half of those you go down another 5% on average. those results get better when the fed cuts within the next three months and definitely better when you don't have a recession so that kind of leads me to believe that historically, you would expect maybe we get down to something like the 4900 level that we saw in the april lows, but you know, if you'rea long-term investor and an intermediate term investor the upside outweighs the down side three to one and going out into the year. >> are you inferring that most of what you think is the cause of all of this is the u.s. and not what's taking place in japan? >> yeah. i mean, i do think japan

contributed somewhat. it was the spark, but the real nervousness, and the jitters that i think that have surrounded this market over the last mid-july when we were at the highs have been a shift from concerns from inflation and the good news is inflation is dead as a concern and two concerns about growth. so now i think everyone is nervous about a recession and we've seen serious deterioration of labor statistics and certain things if you want to be a recessionista you can point to and call for recession and i think that's where the nervousness is coming from and then you get the spark that lights the fuse out in japan. it's a combination and it's the shift that's behind with those concerns. >> there was a softer jobs report and a still reasonably strong labor market, wasn't it? >> yeah. to me, i don't see it. i don't see recession. i think that the fears are overblown. that's the big takeaway for us

is that if the fed is on an easing path which they are and everyone agrees on that now, and you don't see a recession in our framework and our recession framework looks at the housing market and construction jobs, remember the job loss defines a recession and the average recession and construction job loss makes up in the u.s. even though they make up less than 5%. you need to get the cyclical parts rolling over to get a true recession and you don't see any kind of signs right now of serious layoffs in the residential construction payroll segment or anything in the construction segment. so in my view. no recession, yeah, i get there's some nervousness and we're seeing breadth deteriorate and ultimately, i'm fading those recession fears and i'm still in the soft landing camp, i guess. >> if that's the case, what's become most attractive relative to the dislocation we saw over the past few days and because of

fears about the economy going into a recession? >> yeah. i think there was a big -- we talked about this, i think, you and i earlier about this drumbeat for buying small caps and it really confused me. this is a late-cycle environment. what we are debating is whether or not we go into recession and this is not a situation where we are emerging from a recession or a serious bear market, and so you don't want to be in low quality. you don't want to be in small caps. you don't want to be in cyclicals, and so that leads you into by process of elimination to high-quality stocks. i think you also want to shade away from mag 7 so you have a high quality, nonmag 7 area andn the quality group and our research is focused heavily on quality at this point in the cycle and what you can do is buy dips and for instance, our fund was buying housing related stocks in july because those are high-quality stocks in the pullback and we rotated a lot of those gains into some of these

tech-type stocks and sumi adjacent stocks into august. the high trend and the short-term pullback and stay high quality and stay large cap. >> so you're willing to buy some growth, just not at the highest levels of the market cap spectrum. >> yeah. i mean, but i'm not eaven reall nervous about it. we bought microsoft this month and so to me that fits the profile of everything i just laid out, and so it's just a matter of the indices are so top heavy at this point in time. you know, we're running an equal weight strategy, and i think that's really important is just to diversify out. the s&p is so beholden to those five or six stocks at the very top of the cap structure and i'm not necessarily against them and i'm just saying we need to look for areas outside of just that mega-cap tech. >> we'll see you soon.

thank you. warren pies joining us. >> thanks for having me. >> up next, tracking the biggest movers into the close today. kate rooney is standing by once again for us. >> next up, we have a major equipment manufacturing company getting a boost from a better cost environment and a fiber company is having its best day ever and we'll explain why when "closing bell" comes right back. [♪♪] your skin is ever-changing, take care of it with gold bond's healing formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond.

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we're 15 from the bell. let's get back to kate rooney for the stocks she's watching. tell us what you see, kate. >> shares of caterpillar rising 3% today after beating wall street estimates and the bottom leans for the second quarter and higher prices and easy manufacturing costs and the cat seeing heavy equipment across major markets and lumen technologies having the best day ever and as much as 95% today after the company said late monday that it secured $5 billion in new business driven by none other than ai demand, of course, and the stock also got an upgrade from citi and shares is are up more than 160% year to date. don't miss lumen ceo as well, kate johnson will be joining closing bell overtime. back to you. >> thank you. kate rooney. still ahead. reddit reporting its second ever quarterly earnings and the stock

having a rough month. we will discuss coming right back after the bell. (intercom) t minus 10... (janet) so much space! that open kitchen! (tanya) ...definitely the one! (ethan) but how can you sell your house when we're stuck on a space station for months???!!! (brian) opendoor gives you the flexibility to sell and buy

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airbnb, instacart and reddit in big names and we'll run you through the key things to watch after this break. a quick programming note, do not miss, boy, what timing for this. jamie dimon, j.p. morgan chase ceo. it's an exclusive. it is tomorrow and it's at 1:00 p.m. "the market zone" is next. are you keeping as much of your investment gains as possible? high taxes can erode returns quickly. at creative planning, your portfolio is managed in a tax-efficient manner. it's what you keep that really matters. book your free meeting today at creativeplanning.com.

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to watch in reddit's report. michael, i'll turn to you first. you said on "the halftime report" as we chatted it was an encouraging day. do you still feel that way? >> largely. in term of the main things that needed to be proven which is the concentrated panic and that unschooling of a lot of that concentrated positioning was done, and so you didn't have trapped hedge funds paying a high ransom to get out of these positions. what you do see is whenever you have these intense down days or volatility storm, the first rebound rally is kind of suspect. >> it's guilty until proven innocent because there are a lot of times just having the technical and we were oversold and we were up 2.3% and the s&p at the highs and you lost one percentage point and that's the way it goes. we are back to the first quarter levels of the s&p. it did wipe away months' worth. and it is less demanding now.

it doesn't mean we're cheap and it doesn't mean the semis have rebuilt their ability to be leadership and that's a broken-looking chart and they're only up a couple of a percent today. a lot to be proven and it's not this self-reinforcing spiral of urgent selling. it's mostly what a wait and see and we'll see what the fundamentals can support. you do see some selling to your point, not that no one thinks that the dow is, you know, greatest read of overall activity, but nonetheless, we're up about 700 points about an hour ago. >> yeah. and here we are, you know, we have that. >> and it becomes increasingly easy to look at the dow chart and say i guess 40,000 matters and it's been this friction point and you popped above it a couple of times and it hasn't managed to build upon that, and the s&p basically went up to friday's low, and backed away. so again, everyone is a technician in the sell-off because you don't have a lot of immediate fundamental catalysts to feed off of right now.

we are waiting for obviously, weekly claims and you're waiting for nvidia earnings that are not right in front of us. >> that becomes more important and that leads me to you, deidre bosa because you'll be with airbnb with instacart and it's a bit of a challenging backdrop headed into b to b earnings and it does occupy alternative a com tagzs so investors are going to be looking for that to show up in earnings and of course, color in the summer travel season and the olympics. instacart will also give us signals on the consumer and its partnership given it restaurant delivery and uber said that initial trends were encouraging, in addition to grocery and restaurant delivery, do keep in mind that cart has a higher margin advertising business with

year-over-year growth is expected to just stay in the double digits. back to you. >> d. bosa, thank you for that. julia boorstin to you and reddit. >> the public company is its revenue after the company reported better than expected 48% revenue growth to $243 million. this quarter, analysts are looking to $254 million in revenue. this will indicate how well reddit's partnership is paying off impact deals with the nba, nfl and other leagues to show more sports content and highlights and how its efforts to expand advertising to its conversation pages are going. with the stock up 60% since going public on march 21st, down 25% in the past month, 47% of analysts have a buy. 47% have a hold and 7% have a sell. ahead of the report, analysts are also looking out to august 9th. that's when the lockup period expires which could potentially

drive some selling. i'll be talking about all of this and more with reddit ceo steve hufman in an exclusive interview that's coming up in halftime next hour. >> julia boorstin, thanks. we'll be taking our cues from japan for a little while and stunning to see what happened yesterday and the bounceback with 10% and that shows you a rally of 10% in the day shows you a highly stressed market that was sort of spring loaded. like you got a little bit of a rally in the dollar against the yen today. that sort of again shows you that the pressure is being dialed down on all of this intense trades that were sort of going from super crowd, consensus trades to something that was less so. i don't know that it's going to be the lead thing. to me it's a coincident symptom of everything else that was going on. not just, oh, somebody got it upside down with the yen carry trade and it actually spilled it to everything else. it was always multiple things happening, whether it's the

nvidia pushing off the launch of the product series and berkshire selling and all of this tends to be piled on. where we are at now is still typical and waiting for a soft landing evidence on both sides. the soft landing is not a moment and a declaration of victory and a process of feeling like, oh, no, it's spilling into a recession and we're fine for a while now. >> now from the atlanta fed. >> 29. >> we know that and it will get revised away to some degree and it's still running above trend. >> goldman with 2.6 or something like that. it's not like the atlanta fed has run away from everybody else in some crazy level optimism. >> no. we're not each half way into the quarter and the point being we overshot in terms of the shatter and psychology in reaction to the fed and the jobs report on friday and now it's about where are we really? look, we are under 20 times

earnings for the s&p. it's not like the market got cheap all of a sudden, but you have taken the edge off in terms of aggressive positioning and valuation. >> dare i say anything green today is going to have a good feeling. we will go off the best levels was of the day and the dow and s&p. i'll see you tomorrow. that bell marks the end of regulation over capital ringing the closing bell at the new york stock exchange. bench shares doing the honors at the nasdaq after the stocks are rebounding and gains are fading in the last hour and ten minutes. still, every sector did close higher led by real estate on the s&p. that's a scorecard on wall street and the winners stay late. welcome to "closing bell overtime." i'm jon fortt with morgan brennan. >> we have results from super micro, reddit,