green, which not bad. nasdaq still doing a little better up 0.6. >> lots on the last trading day of august. "closing bell" starts right now. and welcome to "closing bell," everybody. i am brian sullivan live from post nine at the new york stock exchange and the hour begins with what could be a fourth straight month of gains for the dow, the s&p, and your money. let's take a look at the scorecard with 60 minutes left of trading not only in the day and week but the month of august and we are seeing not a lot of move. s&p up 0.4%. nasdaq out performing. it is up 0.5%. dow down 0.02. it is a friday in the summer heading into a long holiday weekend. the market steady. there are some very big single storage movers. intel's stock popping.

reports that intel could be looking to sell part of itself. intel. we've got someone who says the name could be a bigger takeover target. mixed picture on the consumer side. one hand you have ulta beauty more like the beast, it's down 4%. hit on the back of earnings. abercrombie & fitch, a boost, citigroup upgrading the stock to a buy from a neutral and if you haven't been paying attention to the teen or tween retailer, abercrombie, anf, up 65% so far this year. it is one of the hottest stocks of all. all right. this all talk takes us to our talk of the tape. how to play stocks into the year end. here to answer that question or questions, i guarantee there will be more than one, we've got courtney garcia of payne capital at post nine and malcolm eitherridge of cic wealth joining us. looks like d.c. if i recognize our beautiful capitol in the

background. both are cnbc contributors. courtney, i feel like we just did this last night. >> we did just do this last night. >> on "fast money." >> i kind of got an idea of where you stand but for any of those shamefully who may have policed that program, how do we forget about today? how do we read the markets after labor day, going out the last four months of the year? >> yeah. i mean august and september, specifically this week in august, tends to be a low volatility and low volume trading. we're heading now into the end of the year and you're starting to see some really good data on the economy. we saw gdp revisions went up, you have the pce numbers coming out showing inflation is coming down. the fed set to lower interest rates starting next month and all of that is really setting up as a positive backdrop for the stock markets. the big question is, how much is the fed going to lower interest rates. it's likely a quarter point next month and maybe a couple more times this year. all of that will be supportive of the markets and the fact that nvidia is not dependent on the

markets doing well is a good sign the rotation can continue. >> malcolm, you know, listen, maybe we should take a pain from "fast money" and play a game. they always do these games on fm, would you rather. what do you think is more important for the macro market, the federal reserve or is it nvidia? >> i think the federal reserve is going to be the big winner. i think all traders have capitulated to the idea that the russell 20 russell 2000 is the winner. i also think that financials are where that rotation happens simply because the first cut in interest rates is going to impact m&a activity more than a lot of people are paying attention to.

sglo . >> i'm going to ask you a question which is, does the federal reserve matter that rch right now given that the bond market appears to have done the work of the fed and bullied longer term rates, the 10-year at 3.86, feels like the bond market already knows what the fed is going to do and has moved ahead of it. i wonder what any rate cuts the next couple meetings will actually do for the yield curve and for the markets. >> so i will say just that the one caveat to what you said is if we don't get a quarter point raise like courtney and the rest of us are anticipating, if it's something larger, that could signal to the markets that maybe something is wrong here. the fed has eyes on something that we maybe don't see. and i think that would be the one thing that makes what you said a little bit different. >> courtney. >> i think to add on top of that, the big thing how it's going to affect the consumer, right. we are a consumer driven economy

and when you have credit card debt that's high right now, seeing mortgage rates that are high, it's putting pressure on the consumer and that really is kind of keeping a cap to a certain extent on where the economy can continue to grow, but as rates come down you will start to see the pressure come off. that is going to be a good thing for the consumer which is a good thing for the market. you're right, bond markets price it in, but it's going to mean to spending going forward. >> it's friday. the fed's preferred inflation measure, everything looks like it's softening. what if we got some kind of semi re-acceleration or stop in the drop in the inflation rate? what if the fed, if we suddenly became maybe they will hold off the rest of the year? not sure that's going to happen. what if it did? >> i think that's something that people should realize is a possibility. short term rates are coming down but longer term there are inflationary forces in the economy especially depending on

what happens in the election and any tariffs that could be inflationary. rates are coming down but probably not to the rate that it was over the last decade. we could still be at a more elevated rate than we have been and that's something people need to realize where i think it's what's going to happen next year. that's the question right now. >> malcolm, what is the biggest question or questions your clients are asking you right now. >> one of the big ones is whether money market funds and cds are going to hold up much longer, right. i read in bloomberg earlier this week something like $106 billion have flowed into money market funds in august alone, which is amazing to me. we're sitting north of $6 trillion with a capital t in money market funds and i understand that for the last, you know, couple years it's been very attractive to sitting cash and wait it out, but i think we're now having to develop a strategy for where do we go from here. how do we get this money off the sidelines. it's unlikely that it's going to be another, you know, 10% plus

draw down that brings people back into the markets. >> i am always amazed at the amount of money that is floating, sitting, whatever you want to call it, stirring in the trillions with a "t." malcolm and courtney, thank you both. have a great labor day weekend. we have a news alert on goldman sachs. here with that is somebody else who has been working since 5:00 a.m., pippa stevens. >> hey, brian. goldman sachs is reportedly laying off over 1300 workers according to the "wall street journal." now this is part of their annual review process that does call their low performers and goldman typically cuts between 2 and 7% of its workforce annually but according to this report this year's layoffs will be between 3 and h4% which is 1300 to 1800 people across the bank's divisions and the cuts have already started and will reportedly continue through the fall according to the journal. brian? >> wow. 1300 on a friday news dump

heading into a long labor day weekend on a stock that has been red hot. pippa, thank you very much. we'll see you in a couple minutes with a cool story on cooling. all right. see what i did there. switching gears, check out shares of intel. this is a big story. intel is up 8% right now. there are reports that it is looking at possible strategic alternative including the possible sale of parts of the company. it's a big story. i'm going to stop talking and go to somebody that knows more about it, seema moody. this is a big deal. >> it is, brian. intel executives working with outside advisors to reshape the business according to sources familiar with the situation. we're told pat gelsinger is looking at all options. morgan stanley among the banks engaging with intel on different strategic moves that could include splitting or selling certain parts of the business. unclear that would include the foundry business. remember intel is building five fabs in the u.s., capital from

private equity players brookfield and apollo has helped intel's expansion efforts. it is very expensive project to go under. when intel did announce its cost-cutting efforts in august, i asked the company's cfo whether foundry plans would be impacted, and he said no, it continues full steam ahead. the weakness in intel's core business does raise question as to whether that is a realistic goal. i'm told the company is trying to come up with a few solutions ahead of its internal board meeting next month. we're looking at the stock higher. you pointed to it. still has a lot of ground to make up. down about 50% this year. >> anything in the report or maybe wild speculation or chatter that suggests to you that honestly that intel could be sold. i mean the whole -- not parts. somebody buys intel. >> none of the discussions i've had or seen in other reports about a situation that would involve a full sale. again, it does seem they're in

this type of process right now where they're having discussions with advisors to look at a potential restructuring, maybe selling or splitting parts of the business and again they're trying to put together some decisions into a short list ahead of their internal board meeting next month. brian? >> seema moody with a big story on intel. seema, thank you very much. let's talk more about intel and bring in baker avenue wealth management, an intel shareholder. king, welcome. what do you make of that report as a shareholder? >> hi, brian. happy friday. yeah. we have a small intel position. you know, our initial thought was the ai chips that company would have would look attractive relative in terms of an open platform relative to nvidia ace chips. the company is stuck between a rock and a hard place. the company running out of options. costs are ballooning while revenue is falling. we think there's still a lot of value embedded in the company,

so a breakup of the company makes sense to us. innovation has been lacking at the company so if the company is smaller it could invigorate whatever is left of the company after a split. >> it really is a story when you look at intel and those of us of a certain age remember when intel was one of the biggest and arguably most important and most covered and most coveted companies in the world. a lot of good people at the company. it's really -- they missed it. somewhere along the line, they made some strategic mistakes that have wiped out a lot of shareholders or at least cost them a lot of money. why where you taking -- i know it's a small position. why are you taking a shot on intel? >> just because, you know, we do believe the parts of the company are actually worth more than the whole if you would. for example, the foundry

business actually makes sense to us from a geopolitical reason. not having all chips manufactured overseas. now that's a little bit of an about-face if the company spins off its foundry business, but i think part of the reason why it's run into some issues it's really had a really handful of customers and i think the reason for that is, you know, competitors are looking at intel, do we really want a competitor manufacturing our chips. so a spinoff of the foundry business actually makes sense. maybe the company will retain a stake if there's a restructuring, where it would actually allow it to be more competitive relative to its competitors. i've been long enough to know that at one time intel could have crushed amd at any time and now it's -- amd is two times greater than intel. >> amazing. i'm not going to bring the dirty world of politics into this. but i'm going to bring the dirty world of politics into this.

intel has been a huge beneficiary of what they call the clips act, right. it's received or will receive billions in taxpayer dollars to build this out, an ohio factory, et cetera. i'm not bringing it up for political reasons. i'm bringing it up because you do wonder if there is a little bit much a taxpayer put for lack of a better term on intel, meaning the government has singled out intel to receive money and no way the federal government wants intel to have more problems. if the federal government has a company's back so to speak, does that mean i should have the company's back as well? i think you see what i'm getting at? >> i do. and i think there are political reasons, there are financial reasons, that intel can come out of this. i think the timing is just really bad for them. the earnings report recentlily was dismal. but as i mentioned, there's a

lot of reasons the company can come out ahead. if you look at this year's earnings it's awful, but looking into 2025, the company's prospects look a lot better. they need a bridge to transition to 2025, and as you mentioned, there's federal tailwinds and, you know, if the company can get over this tough spot here, i think the company will be fine. >> king, baker avenue wealth management, fascinating story around intel. see where this goes. it is one of the most storied american companies in tech. king, thank you. have a good weekend. >> thank you, brian. >> we have a long way to go. on deck roger altman of evercore isi will be here. what is critical for your money in the weeks ahead. i may ask him about intel. live at the new york stock exchange. the dow down 13, nasdaq up nicely. see what happens in the next 45 minutes. we're back right after this.

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welcome back to "closing bell." lots of talk around insurance lately. mostly over sky high rates and cancellations, but all that is leading to something else. big gains for insurance investors. the sector is topping the broader market this year. so let's dig in. find out a little bit more and why. joining us is contessa call me tessa brewer. am i supposed to now call you tessa? are we friends? >> i don't know why you moved on from big money brewer. >> i liked it. i coined it. >> we should stick with it. here's what i know, what's bad for consumers in the form of higher premiums is good for consumers and their shareholders. the latest cpi report showed july auto insurance went higher by almost 19% from the previous year. this month progressive has

gained the shares 16%, up 87% over last year -- over the past year. allstate up 10%. the auto insurers are catching up on premiums after they've been losing money the last couple years, paying out higher claims on more frequent and more severe accidents. other standouts in the insurance space, arch capital up 18% this month. wr berkley up 9%. renaissance reit is up 10% this month. then its global bigger competitors munich, swiss, hanover have even bigger gains this month. insurance etfs, the iak, kie, and kbwp over 12 months. they have gained between 30 and 40% mirroring performance of many of the individual companies over the past year. with inflation moderating, repairs and replacement costs moderating we may see some premium growth moderating as well but rate changes are slow

to work their way through the system. we should watch what happens with the fed. if the fed cuts insurance rates we could see some moderation on the return on equity that the insurers have seen as well. >> on a serious note, i know you and i have talked about it, i tweeted about it, i want to dive deeper around the road if i can, the home insurance numbers you're seeing people posting sending me their statements they're getting 30 and 40% jumps in home insurance, they try to shop around, nothing available. if there is something available, it's even higher. is there anybody -- where does this go? like how far can we go down this road because at some point these insurance rates are simply going to break people's budgets. >> the insurers would point to a couple things. when regulators don't allow rate changes that go along with what they're actually -- with what the insurers are paying out in claims they fold and leave the market. we've seen that in florida and

california. they have to get paid to take on the risks. they're not going to do it as a nonprofit. it's not a charity. two is that lawsuits are expensive and we've seen insurance paying out soaring costs because of litigation settlements and verdicts. what they will say is, if regulators continue to allow this unabated, who is going to pay for that? everybody who is paying insurance. one state has a particularly amenable policy toward plaintiffs' attorneys, it still is going to end up trickling out people who don't even live in that state, paying their premiums. that's two things. the third thing is, insurance is a regulated market. regulators in every state are going at it and looking at the rates and are they commensurate with what the insurers have to pay out in claims. houses as you know are more expensive now. home values. if someone has a total loss of their house replacing it is

expensive. >> so, yeah, i hear you. i think litigation, the lawyers we know, contessa always wins, but i think you get the broader point. you just wonder how far this is going to go. i just don't know. at some point people say i don't do it. i will leave it, you and i both get to do this job and know wealthy people. all these wealthy people i know are just -- they don't owe a mortgage on their home so they just drop insurance. it's like the new luxury. they don't have to have insmurns. >> self-insured. >> yeah. self-insured. small umbrella policy in case sullivan slips down the stairs. it's happened. big money brewer, thank you. >> sure. >> the s&p 500 looking to close out volatile august mostly good in the green. investors, though, bracing for what has been a seasonally tough september. you've got a ton of economic data coming out including a jobs number which i don't know if it's critical because they keep getting revised. evercore founder and senior

chair treasury secretary roger. appreciate you coming on, especially on a friday, heading into a holiday. let's put august in the rare v -- rearview mirror. what do you see as the one or two things important to roger altman over the next couple months? >> well i don't know how you could have overall a more fa favorable macro economic environment given than where we were three years ago and captured in this morning's economic data. look at what we saw. the economy is -- the growth rather is resilient. looks like real consumer spending is going to be up about 4% for the quarter, just ending tomorrow. that is remarkable. personal income was a touch softer than expected but still

okay. it looks like the next monthly jobs number you mentioned that probably going to be around 200,000 positive. overall, a very resilient, solid picture. on the other hand, inflation is progressing in the direction everyone wants it to. you saw this morning that core pce and pce both running around 2.5% getting closer and closer to the fed's long-term 2% target. so you have the soft landing playing out quite vividly, brian, right in front of us. >> yeah. i do wonder, listen, again, we always talk about the jobs number. i get it. it's a big deal. when they revise it down 818,000, you kind of wonder why are we paying so much attention to the jobs number, when they keep revising it down or up? however they revise it. they change it. that said, i had -- i hosted "squawk" this morning and former fed official jim bullard on, and i kind of dove in with him and asked him, all this debate about

inflation people are blaming price gouging whatever, how much the 2021 spending package and ppp loan money impacted inflation. here was his answer. listen and respond. >> march, april 2020 response to the pandemic was big and it was meant to be big and i think it avoided a financial crisis, but then you got another package passed by congress at the end of 2020 in december bipartisan, very large, that was because of the georgia election, and then again when the democrats came into power, as probably any party coming into power they wanted to do something so they passed another package. it's those two last packages that were over done, and that's what led right after that, we got a whole bunch of inflation and we're still keeping the policy rate, you know, very low in that environment and wthen w

had to scramble in 2022 to bring this under control. >> roger, do you agree? >> well, not entirely. i think the -- i think he's right that the total of the three stimulus packages that were passed legislatively in response to covid in retrospect were too big, especially the last one, which he mentioned, the american rescue plan, but were they the main cause of the inflation surge we saw, brian, and coming out of covid, is no. the pandemic and all the supply chain impacts and others is the primary cause of that inflation. did an overly large federal response contribute to that? yes. but it wasn't the main cause. >> but when you sprinkle all ma money from the sky, whether it's

stimulus or ppp or whether it's indirectly ultra low rates that just basically drive people to borrow money, combined with all those pandemic level shortages, that would seem, i would imagine that was at least gasoline on the inflationary fire. >> yes. it did contribute, but it wasn't the main event. when you step back and remember americans were stuck at home, they were receiving checks from the government, they were actually quite liquid. they couldn't spend on a series of categories they typically did like going out for a meal or travel, and they spent, therefore, on items they could spend on and initially that was durable goods. a new bike, a new grill, home renovation and so forth. the demand for those durable goods skyrocketed, supply chains which were disrupted already by covid, couldn't keep up. there was a surge of inflation in durable goods and then when

the economy began to reopen and people could start to enjoy certain services they had been blocked from, then that bled over into services inflation. but it was all those disruptive effects of covid that were the main cause of this inflation which we're now coming out of happily, at least in my view, brian. >> yeah. some of the policy decisions we'll see. roger, we got to leave it there. i wanted to ask you about intel as a banker, but we'll save that for another interview on a different day heading into a three-day weekend. appreciate your view as always. >> my pleasure. >> all right. up next, top technician jonathan krinski says there's one sector u edo y teioto right now. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly

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all right. happy friday. the s&p 500, it is higher today and tracking for another positive month and today when you go to maybe like a cocktail party, how many months is the s&p 500 been up, you're going to say it's been up nine in the last ten months. a major presence. your next guest says september setup looks more treacherous for stocks and spies one sector that could be vulnerable to a pullback. let's find out what that is. jonathan krinsky chief market technician at btig. joins us now. jonathan, suspense is killing me. what is that sector?

>> hey, brian. so the sector is the consumer staples sector. it's been really strong of late and so much so that the weekly rsi, the relative strength index is above 74 the highest in ten years. we look back sense the year 2005, whenever the weekly rsi has been 73 or higher the average return looking out more than eight weeks has been negative. two week returns on average have been down 2.4%, down seven of the last ten times. that's not a big move, but for the consumer staples that's a decent move. i think structurally the staples chart looks good but tack nickically as we head into september it's a group you may want to pump the brakes on here. >> does it look like it's too red hot in a short term and

still a solid long term setup, or probably most of the gains have been made? >> no. i think like structurally i think it's fine. this is more, you know, if you've been a little more nimble, tactical, and you've been in the staples trade for the last couple months take chips off the table and look to reset it as we pull back. i think there's beening a lot free trading, the rate cut moving, i think they benefitted from that we think as you get into september rates are set to move higher and that could be a headwind for the staple sector. >> you got a view on the macro market or any other sectors? i know all we've been talking about is ai and nvidia and everything like this, but there's some other things that technically at least to my semi untrained eye look at biotechs, there are things in the market that we've been ignoring. >> yeah. biotech has been consolidating

for the last couple months under key resistance. that's poised to break out. industrials have been very strong both equally cap weighted. that's a sector that just hit new all-time highs this week. there's things making new highs even though the s&p itself continues to struggle sitting just below those prior highs. the equal weighted s&p 500 also did make a new high. things are happening below the surface even though the s&p itself kind of looks a bit stuck here. >> certainly is. i know you're a technician so you're looking at charts but you have the fundamentals that are sort of layering on top of it. how much are you following the fed and bond yields, if at all? >> yeah. that's definitely a key part of our work and we think, you know, what was interesting is, when stocks rallied off the august lows, a big part of it seemed to be are the economic data was improving and we've gone into an

environment where good news is perceived as good news and that makes sense. what was notable is that bonds also rallied on that perceived better news. you know, if they were rallying during the august volatility on the bad economic news, it really didn't make sense to us they would also rally on the good economic news. we've been saying to fade the strength in bonds especially as we get into september which is -- september-october the two worst months for bonds surprisingly maybe. october has been down eight of the last nine years for bonds, september pretty much the same. we think bonds are a fade here. and i think some of the buying in bonds was front running and anticipated fed rate cut so you couldn't see a sell the news there. you might have to wait until the back half of september broadly before volatility re-emerges for the equity market. >> do we care about the seasonality or as the dow goes, the old maxums, go away or still matter? >> the seasonals have been

acting very on point over the last 18 months or so. last two years strength into july, volatility in august, and the thing about september, though, it's a notoriously weak month on average but a tale of two halves. the first half tends to be more choppy, the back half of september into october when, you know, the weakness tends to persist. we always say with seasonality it's like hurricane season. when you're in hurricane season it doesn't mean you're guaranteed to get one but the odds go up. that's how we view this part of the calendar. >> jonathan krinsky appreciate always on a friday heading into a labor day weekend. thank you very much. >> have a good weekend. >> all right. you, too. up next, an arms race heating up in cooling. heating up in cooling. i feel like it's a jeopardy trivia question. pippa stevens standing by with that story. >> it is getting hot in here so data center cooling stocks are

taking off. all the names to watch coming up next.

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pippa stevens here, with the details i suspect this segment will probably mention the word water at some point. >> yeah. traditional air conditioning systems are no match for gen ai chips like those from nvidia given how much heat they're generating. and as they hit the market the liquid cooling industry is taking off and companies are vying for a piece of the pie. vertive, nvent and schneider are key players. none of them have made a big splash in liquid cooling, but it's a natural extension of their business model, trane, johnson controls and carrier have pointed to the opportunity. on nvidia's earnings call jensen huang said the number of data centers that want to go to lick kwoods cooling is, quote, quite significant. right now about 5% of data centers have liquid cooling according to rbc with the firm anticipating a 40% compound annual growth rate ahead. this is a huge growth

opportunity that is really only now starting to take off. we're seeing a lot of interest here. >> so no water yet, but you get my point. this is what you and i cover and people don't really get this, the amount of energy needed to power these data centers not just run them but to your point cool them, air conditioning, take like the entire city of phoenix, and double that, and that's probably roughly on a rough basis what we're looking at. they're going to take water. the point is the resources needed to accomplish these dreams. >> yeah. >> sometimes blow my mind. >> i mean the forecast for just how much power they're going to require kind of astronomical at this point. even a sense now traditional hvac cooling systems aren't sufficient to cool the chips. as the racks become more dense you cannot extract that heat which is why we are moving to liquid cooling and there's different types. there's immersion, direct to chip, rear door heat exchangers and there's all these different solutions that companies are trying to do in order to be more

energy efficient and while it is a higher capex spending up front, they say that it does lead to lower operating expenses longer term. all these tech companies building these data centers have net zero goals. this does not look very good. >> need the power, need the cooling, keep them cool. pippa stevens, cool story. thank you very much. a company out there called alnylam, a biotech play and the stock down 10%. we'll talk about why the stock is down nearly 10%. the rest of the market looking better heading io nta long holiday weekend. 15 minutes to go to the closing bell. we're back right after this.

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power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley we are in the "closing bell" market zone for the day, for the month, the week, whatever. cnbc markets commentator michael santoli to break down these critical moments, but more looking forward, you have seema moody on momentum and key ai names, angelica peebles, major movers in the biotech space as well, and i'm brian sullivan because scott is off today. what's today, friday heading into labor day. why don't we look ahead? >> friday, month end, preholiday. they're kind of drifting higher.

typical thing. who would do anything with cash over the long weekend. looking forward, we rebuilt some confidence that we have this soft economic landing scenario, the earnings have come through fine, the next thing is, let's have the jobs number next frooip, either confirm or refute that idea that the labor market is hanging in there. in terms of price we're from the all-time highs. most sectors have outperformed in the last month or so. four or five sectors at a record. you have a firm foundation here. i think we're operating at a high value. valuation back up 21 times. the fed has told you they have two percentage points to cut if they need or want to. a first one in september. pricing accordingly, positioning

accordingly and every direction is potential disappointment if there's any variation in the data. i believe they call that priced to perfection or near perfection. seema moody near perfection for many ai investors. you still got momentum. what do you see? >> interesting names moving on this ai trade. perhaps expanding a bit. mongodb shares surging to the nasdaq 100 after earnings beat the street. the database company cut its guidance last quarter and raises ga guidance this quarter. i asked the ceo what changed. the macro uncertainty around the economy is less of a concern for him. mongodb does count amazon as a customer and the company says ai is becoming a bigger tailwind. >> i think ai is going to be a big boom. it's coming. we haven't seen the deployment

because people are still experimenting. the structural layer. >> mongodb stock up about 18% today and then dell quarterly sales beat, a big jump in ai server orders. the company's operating chief said we are competing in all the big ai deals and winning significant deployments at scale. it is, of course, a supplier to nvidia. citigroup raising its price group on dell shares from 155 to 160. brian? >> was i wrong? is that the best named company in america, mongodb? >> it's the best performer is that what you said? >> best named company. any company named mongo. >> got it. it's definitely up there. >> it's got to be. great wordle starting word. mongo. don't want to give it away. wouldn't have worked out this morning, though. throwing that out there. what is your wordle starting word and what movers are we seeing in biotech today?

>> alnylam could be a wordle world. a lot of moves going after companies called attr cardiomyopathy. releasing the results of its drug and looked like the company had a lock on this market when they shared high-level data this summer. remember that data's stock went up 30%, but today's closer look suggesting it might not be the grand slam that alnylam made it seem. bridgebio's drug under fda review and that decision is expected in november. now alnylam is still confident in these results and they plan to file regulatory applications by the end of this year. these questions are weighing on some of the other names taking similar approaches. look at intelli and ionis. >> so plane in the biotech space. we'll leave it to you. i couldn't tell you what 90% of them do. that's why we have angelica. it says here, santoli's last

word. not ever, just today. >> not ever not wordle words because i don't play the game -- >> what's wrong with you? >> i don't like games. >> talk about the stock market. >> exactly. >> this is the biggest game. >> no. it's one of those things i don't want to learn all the tricks and shortcuts. >> i will teach you and be your sensei. >> doesn't make sense. listen, what i think matters, first of all we're walking the market up 1% on the s&p 500. never short a dull market rule has applied once again and 5670 or so is the record intraday high on the s&p 500 from july 16th. so if you really want to widen out the frame, nothing happened to disturb the overall up trend. everyone was concerned about the market being too concentrated. that sort of ameliorated itself. you have the underpinning of

earnings and i think it's all about the race between inflation coming down allowing the fed to cut rates, credit staying very, very strong which it is right now and there's going to be an enormous amount of debt issuance into a receptive market and does the economy hang in there. are we seeing labor market softness in a benign way or something worse than that. to me, that's sort of the whole game. >> we did have the news at the top of the show that "the wall street journal" reporting goldman sachs is going to lay off 1300 people. again, it's just a report. it's just the journal. we don't know if it's accurate. 1300. it's goldman. >> i'm guessing it's accurate because it's framed in the context of it's pretty much the annual culling of junior employees and others and i don't necessarily see that as something extraordinary, but there has been a wave of bigger company restructurings that has put a dampen on things like job opening indicators and things like that. you have to be aware of all of

it. there is a productivity boost happening based on the data, simply because there's two different things, there's layoffs and then companies not hiring. >> well -- >> i don't hear a lot about companies hiring. >> no. the hiring has dried up, but layoffs have not surged to a point where people are very concerned. that's been one of the kind of positive spins on the last jobs report which was yeah, sure, unemployment rate is higher, more people looking for work. the hiring rate has slowed down. it's not as if you see weekly jobless claims uptick. all that is going into the mix again. everything is sort of soft landingish until proven otherwise. the volatility index, by the way, peaked earlier this month above 50 and it's going to close the month -- >> it was at 82. >> for five second. >> but still a crazy --. >> closed below 15 which is usually the marker of a super calm market below 15. >> smart guy don't play wordle what is the only major index going to end the week higher?

>> define major index. >> s&p 500. >> yeah. >> it's up 0.2%. >> the dow too. >> today, though, a lot of the green, long holiday weekend. bells are ringing. we're off for three days hopefully. everybody thanks for watching. have a great holiday weekend. "overtime" with morgan and jon now. >> that bell marks the end of congratulations. evertech ringing the "closing bell." lens doing the honors at the dow. stocks saw a whoosh higher late in the session before 2:00 when i was first on in the final trading day of august. that is the scorecard on wall street. winners stay late. welcome to "closing bell: overtime." >> coming up this hour, a rare and exclusive interview with the global cohead of real estate at blackstone. the largest commercial property owner. we will get her take on the real estate market and how the start of the fed's easing cycl