40%. and in some many cases, much more than that, 50%. in one case, 60% so, he's back. kevin o'leary is back. we're going to revisit the stocks as well leslie, to be with you today >> good to be with you >> on "squawk on the street. watching the s&p, another record high, 4800. "tech check" starts right now. ♪ ♪ good tuesday morning, welcome to "tech check," i'm knt knt with deirdre bosa. and joanna stern back with us for the hour meantime, s&p hits another record high, coming you have the 69th record close. nasdaq earlier gains on pace for the first down day in the last

five plus, apple now falling after hitting nearly a $3 trillion market cap once again, despite this morning's dip the stocks on pace amount to 35% return in 2021 and as apple remains near those record levels so do many of the chips on semis, kla, broadband, all hitting all-time highs we'll break down the street's top picks, diedra. >> we're talking about the best stocks s&p has slipped into the red apple was inching closer to that $3 trillion market cap the stocks, though, falling a little this morning after approaching that 182.86 level. that is the mark however, stocks have risen with covid cases prompting 'to close all of its new york city stores. limited activity, picking up online orders only as the cdc shortens the recommended period from ten days for individuals who no longer have covid

symptoms and, guys, as we watch apple approach, investors show a willingness to look past the retail closures. also the chip shortage, which we've spent a lot of this year talking about, joanna, a perfect storm for companies of this size investors can still innovate and have this huge cash pile which makes it more attractive. >> yeah, i'm not surprised about the store closures from last year, 2020 march, they were ahead of the closing stores almost like a waffle house index with apple stores closing next the instore model works really well for them. all of the stores at least in new york not allowing the foot traffic in you can take that stock and make returns which is important after the holidays >> you know, i wonder what you make of any of the year they've had in terms of going vertical in chip, and the way in which that's improving their existing products but also the

optionality that they keep baking into the model either short term on, say, this ar/vr headset which the street is in love with already and it's not even here. and then long term with the prospect potentially of a car. they seem to have played all of those various baskets pretty well this year >> yeah, i think one of the biggest stories of tech last year, i know we're going to talk about it later in the show has been the companies and their own chips. creating their own chips, building around that for apple, that was the story of last year, certainly around the m1 and the m1 max chip what they can do around their computers and what they can take that into the future, with analysts all believing that is going to be core to the ar/mr headset, whatever you want to call it >> and if don was here, i think he would be mentioning that vertical integration that we've

seen from apple this year. the m1 chip has been, could be a game-changer, so that's another side of apple's sort of incredible run we have seen. we should note it just flips into it, carl, maybe, just maybe, we'll get there, 6 -- no less than $3 to go to get that 3t mark maybe in our show. fingers crossed. >> yeah. i've memorized the number already, 182 had the 86, i keep seeing it over and over as we approach $3 trillion in market cap. let's bring in mike santoli to talk about the market cap on the overall index. smith, maybe extremely overbought in the short term >> yeah, i think you're looking at the s&p, for example, nas dam 100 really getting up to levels where we've seen it a few times this year. so, it's not something that, you know, kind of cosmically stretched to the upside. but, yeah, the momentum is definitely taking the index to

the point where we have to say, we usually get a pause, let it cool off a bit i would say the that average stock is there, that we have talked about so much with the selling going on a lot of the more profitable names, and got washed out. the nasdaq 100 up a couple percent, 2.5% or so this month the equal-weighted versus of the nasdaq basically flat. the 100 outperforms by six percentage points. that's a significant change considering that the 100 is a huge portion of the market cap of the overall index so it does tell you that the giants have, you know, continued to pile on market value. though, interestingly, tesla and nvidia are two of the top-five contributors to the nasdaq and s&p performance, i believe this year, and they didn't start the year as top-five market cap weights, so that's just a measure of the magnitude

>> yeah, when you think about, you know, calendar issues, window dressing year end as well as reversing some of the early hedges that we saw get put on in early december, does that mean, pare off in january in your view? >> i don't think all of those necessarily mean somehow, you know, the positive tailwinds expire in january. there's definitely a little less we've let our guard down a little bit i still think that reset was valuable and you didn't have people totally bowled up heading into the new year. so far right now, one thing to keep in mind is just the attrition along the way. if you're an active manager, definitely not -- you know, 85% chance you haven't campaigned for the s&p. it's hard to feel overconfident in that environment. plus the hottest stocks ten months were literally the worst stocks to buy then i think it's a humbling experience under way right now

i always think that's valuable also keep in mind, within the nasdaq 100, a ton of chinese internet stocks. all of these things that seem like there's been a surrender, that's different from a market that is getting overconfident, i think. >> right and mike, you mentioned tesla and nvidia tesla up 10% over the last week. when you think of the growth stocks high-moment item, high-growth stocks names over the last years, tesla flies in the face of them what does that tell us or not tell us about the market right now? >> it does -- it's a fair bit off high you wouldn't necessarily say that it's been, you know, kind of pacing the gains recently it's just been very difficult to handicap what's next for the company. actually, if you looked at it from the moment it entered the s&p 500, december 18th of 2020 it's a little over a year right now it actually was underwater,

from that price, for a good part of this year so, again, it's been hard to say, oh, it's been an easy train, it's one direction you bought and you rode it so, i think with tesla, it's a very good sentiment on a lot of the kind of speculative momentum types out there which, you know, have actually had their share of, you know, misses, in the last little while. so nvidia, tesla, also over the last six months they've traded almost in the same pattern as the same type of stocks. so, clearly, they appeal to a similar constituency in terms of secular winners. probably don't care that much about valuation. we just think that the incremental news flow is going to continue to be good there and that's enough for us >> yeah, mike, thank you very much we're going to stick with the markets. the next guest says he expects tech and growth to underperform market plays in the first half of next year joining us, the chief investment

strategist jim paulson jim, good morning. you think the s&p can hit 5,000 by year end. we've had a runup of 5%. what gets it there >> i think the biggest thing in the knew year for me pat least is confidence. i really think, you know, we entered this year, university of michigan the consumer confidence index is lower than it was right now as of march 2020 when the pandemic hit the market has been driven by a wall of worries all of the things problematic since the crisis began, looking forward. than it has by a fear missing out. it's more a fear of being in the chronic wall of worry. i think that's going to give way as we enter the new year our two biggest fears are covid and inflation and i think we're going to feel better about both of them. after omicron runs through here, i think we're going to move on to epidemic, rather than a pandemic with covid. and i think we're going to find

the supply chains are already improving and inflation moderates. and if we get those two things, i think we're going to see confident behaviors in the economy. but also, that's going to run through the financial markets. and the biggest thing it will do is move investments away from the s&p 500. if you're fear-based and you're your investments, if you're cautious, you're going to invest where are you going to go? you're going to go to the largest blue chip companies, most well financed and have their own independent growth rate outside of the economy which they're worried about. that's large cap growth. if you finally gets beyond that and cough densz raises, i think we'll move to cyclicals and smalls and international investments in the coming year >> jim, you talk about this wall of worries, we're hitting index highs. is there more of a risk, more worried derail that's rallied that we're seeing? and to be clear, what does that

mean for growth stocks involved? zhao think that investors have been buying the mega caps. what would drive them to some of the names that have been sold off? >> well, i think that -- i'm not really looking for mega cap tech to be trashed this year. really not i'm just looking at underperformance the environment here for tech stocks, when i look back historically is very, very good. and i think people worry about rising yields hurting tech stocks, but i don't find that to be the relationship. as i look back for world war ii there's actually a positive correlation between quarterly yield movements and quarterly outperformance or underperformance by tech indeed, some of the biggest yield rises over the course of history have been met with the biggest outperformance of tech stocks i think it's more about the level, diedra. we're under 3% ten-year yield. we've done that about a quarter of the times since world war ii. tech stocks have dominated the

markets. not only in terms of significantly outperforming value but also doing it with much, much volatility of returns. once you get over 3% tenures, if the excess performance of tech goes away and its volt atility goes up. so, i don't think you want to exit large-cap tech, you just want to have it underweighted for the first half of the year >> jim, does that mean that you think a 3% ten-year say possibility in the next couple of years? >> absolute, carl, i don't really see it here in 2022 but i think we'll get back above 2%, with confidence, you know, it's going to be with a solid economy and confidence is going to start to raise long yields as well and force the dead to act. so i think we're going to have a really volatile year overall we may land above 5,000 by the middle of next year and then

have a correction and come back a little bit to 5,000 by the end of the year, overall and i really think terminally, we're going to maintain kind of a 3% inflation rate in the balance of this recovery i don't think we're returning to 2% of the fed's target i think they're going to lift their target and be comfortable with that. but i think a 3% inflation at that sustained over the balance of this recovery, then the termal ten-year yield is probably closer to 4% at some point before this ends >> right finally, jim, when i think about your work over the past year, it feels like you've sort of been consistently trying to talk investors off the ledge. don't worry so much about a spike in commodities or the federal deficit relative to gdp or inflation expectation do you think you'll be a little bit less of a pat on the back, in '22 that there will be, at least on the margin, a little more to worry about? >> i think we're going to get a correction, carl could be nasty at 10%, 15%,

maybe sometime during the year i'm guessing it might comeful higher levels. i think -- when i look back at corrections, i guess, three main things i look for are have yields been declining for a period that has not been the case have -- it's great optimism, not only in the markets but just in the economy in general an attitude of infloridaability. i don't really see that yet. and then lastly, they have sustained raising and tightening monetary policy for a period i don't think that's replaced yet. but i can see by midyear all three of those could come together, maybe for the first time in this recovery, and we might actually get a correction at that point. >> okay. well, jim, thanks for being with us, good insight jim paulsen. talk to you soon happy new year still to come this morning, record highs for the chips as we talked about earlier today plus, a tough year for cathie wood, all of that is just ahead. "tech check" is just getting started. ♪

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tesla. goes to 1400 saying tesla is a strong position. three main catalysts to drive the stock high first, china as a linchpin and in berlin and austria. and lastly, the firm predicting unit growth will be front and center in the any year not a busy work for research, dee, but we are paying attention to that call from wedbush. turning to semis, chips, some of the biggest winners in 2021 stocks hitting an all-time hi 3 josh lipton has more on what names investors continue to like, josh >> let's start with sma to attract the chip, it's dipping right now, obviously, this one is hitting new reports now up 40% this year. under the hood of that etf, big moves from big names, nvidia,

amd. how long will it last? they tell me they are getting a bit nervous, actually. there is growing risk, he says that some customers have actually purchased more than they actually need and won't order as much going forward. his check indicates that's particularly true for autos and pcs. piper says he agrees with that view, too long for some of the chip names and he says to look at sustainable, noncyclical areas for example, he likes semi companies that sell the big cloud giants and the big carriers building out the 5g networks broadcom and qualcomm. carl, back to you. and muzuho likes the sector. bullish on names including micron and qualcomm. joining us, d.j., i'm wondering

are you having similar trouble finding bargains in this environment. >> yeah, thanks for having me on, carl i think definitely 2022 should be a good year for semis i would be more selective, in the names you mentioned, the sections we like, like micron and vista. and qualcomm that you mentioned should have pretty good solid years in 2022 and gains. and skyworks, but that said, not just semi names, but if you look at the easy names, nvidia, tesla that was mentioned before. and having pretty outstanding years going into 2022. and lastly, don't forget the capital spending beneficiaries supply so tight, you'll see supply coming on capital spending will apply materials, research and all of those guys and as well, on all of these

names, all indexed to the malkin side so officially, they'll be set going into 2022. >> yeah. that's a lot to take in, what you just gave us i wonder how you prioritize between the chipmakers, the capex players and the malkins. i mean, you can put them on some kind of ladder >> absolutely. so, i think the way of looking at it, the memory experience, micron, wd, not seeing any supply problems going into 2022 with the beneficiaries then the chipmaker supply chain, great in 2022, more selective in analog automotive supplies in 2020 to 2021. you saw massive growth and expansion. with the supply starting to come out. with the names, you know,

microchip, most of the stock coming on with pressures, some that we've seen in the last few years could become a headwind in 2022 so, definitely more into areas where the special companies and names with supplies, especially the memory names and a beneficiary also in the capital spending rights. >> talking about earlier on the show, apple making their own chips that was a big theme of 2021 google made their tensor chip. what are you seeing in 2022, with traditional chipmaker responding to that what do you think the outlook is there? >> yeah, i think it's fair to assume at some point, apple will start to pull some in of the supply chain in-house. but we've seen that two to three years out. for many of thishl asset managers i think in the near term, the

next 12 to 18 months we expect to see strong upsides for qualcomm and other stocks coming on next year as well again, qualcomm, really with the assumption that apple will be substantially reviewed so, we can really see that that supply chain benefit into next year trading in the very last range this year. >> vijay, where does that leave us with more of these tech giants bring chip design in-house, does that add urgency to the plan to push into manufacturing? >> yeah, i think, you know, intel first needs to get the road map right in terms of the chip side, right i think it's been a pretty good

longer term, and that will take time, right. i mean, trying to get customers to the door. so in the near term, the focus should be on the side to execute a road map but definitely a challenge, on a hyperscale guys, amazon, facebook, trying to build their own chips a bit. and on their platforms trying to do sourcing. definitely a headwind in the near term. but with the core road map they could still get investors excited. and stock is still at pretty good valuation but i think they still have bigger intentions on that side, especially intel stock >> finally, vijay, i'm looking back to some of the research earlier in the year, from analysts who said, look, i've followed this sector for a long time, chips, that haven't turned

into gluts i wonder what those analysts are saying right now >> no, we don't see the risk for 2022, one of the issues that we see, everybody is adding capacity, right. i think there's massive capacity expansion in the supply chain. you have texas instruments going from, you though, to almost 6 terameters fast for this time. so with the demand we saw in 2021 but we do see some of the supply issues, supplies coming on with almost a headwind, in terms of pricing, you know, or capacity, for them and not much for the memory -- as you mentioned, it should be fairly consolidated in terms of capacity but definitely the automotive

supply shipping has seen more capacity >> interesting we're going to see how that all plays out. vijay, happy new year. thanks >> you, too, thanks a lot. >> carl, here's a story. paris hilton is launching a metaverse business yeah, that paris hilton. on roblox, visitors can explore digital replicas of they are beverly hills house. and the infamous dog mansion remember that, walking a boardwalk with the carnival themed wedding and explore the legend with a super yacht. not just a marketing brand paris hilton on roblox, virtual booking a ride on new year's

eve. if your plans have been cancelled by covid joanna, i'm talking to you, you're well versed in paris hilton >> i don't know, is it a sign of a peak is it a sign of this becoming mainstream, can't decide >> well, you guys can live in the paris hilton universe. i'm going to the snoop metaverse. >> is this a big theme happening right now? >> no, snoop dogg. >> oh, okay. >> snoop first is a legit thing on the sand box which is another building of thevert walirtual wd this is a big trend we're seeing celebrities getting in, getting fans to buy apparel land i think the number was up to $500,000 of land digital land next to snoop so, we have to decide which

celebrity's world we're going to live in. i'm goiing snoop. >> i know a couple of people on team snoop team snoop has been aggressive on this whole wave, joanna, whether it's metaverse, it's definitely there >> i saw that last week. you got to pick, deirdre you got to pick. >> apparently, i'm not even cool enough to know about snoop i'll have to pick one. i'll join one of you guys or both after the break, web 2 and web 3, whether the dominant platforms like apple and facebook will stay dominant. stay with us

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street journal" joining us, in just a bit we're going to look at cathie wood's fund having the worst here but first rahel solomon. >> the s&p dow up a fourth straight, with omicron concerns, with the new intraday high for the second day in a row. other stocks have given up earlier gains. oil prizes also on the rice. in more than a month, helping to drive prices up, supply prices overseas home prices in major metropolitan areas jumping again since october. a key index said they rose more than 18% in the last year. phoenix and tampa showing the biggest gains with prices averaging 28%. and weary travelers facing another round of flight disruptions. more than 850 u.s. flights have

been cancelled that's in large part to booking shortages during covid back to you. looking at the future of the intranet, the next guest has spent his career learning how to share the giffs and the push into the decentralized internet. he found the company, a blogging platform, wordpress. joining us matt mullenweg. >> good to see you why don't you start with telling us about the platforms that we know and use so often. >> yeah, i believe it's a fundamental human right as more and more of our lives sort to be governed by technology and rely on it. i think it's so important that we see how the technology works and modify it. it's also that people can

innovate without asking permission that is what made the web great over the past 30 years. >> so big twitter debate on this earlier this morning, jack dorsey ig nnited that heated discussion by saying it's not actually the users at the end of the day, but the vcs who fund the majority of companies that own it do you agree with that and are you able to retain voting power while raising money from vcs and other investors does that mean that the power is concentrated with you versus decentralized? >> yeah, i haven't spoken to jack about that. all i know is the tweets about it as well if you look at the seven of the top-ten companies, they were funded by venture capitalists. we've also been funded by vcs over the year. and they've been fantastic long-term partners in the early days, vcs had a

worse reputation which is why i've focused so much on retaining voting control and things like that but to be honest, if you're growing sand the business is doing well they typically try to leave you alone. so i would say any entrepreneur worried about that, just focus on your business and growing as much as possible and probably your investors will be pretty happy and supportive as possible. >> in your case, matt, how did you get wray from this concept of centralization. if you're fighting for a decentralized web but you're voting for control how does that fulfill that ethos >> yeah, i own a company called automatic. which is very centralize i'm the ceo of that company now, but we make software for ethos it's kind of like investors and investor and employee choice if you're an investor, you're automatic to sign you up to be on the train that we're all together but if you're a user of our software, you have complete

freedom. you can replace this offer from wordpress to cdpress to your own version, you can modify, publish things you don't like. because the software has a bill of rights attached it's an open-source license which allowed anyone to use or modify for their sole purpose. >> matt, i have two questions, are you calling from your rv, this great piece talks about how you have built this fancy rv it does not look like you're in an rv today. >> no, i'm not in an rv today, i'm visiting my mom, a more stable location. >> from a great piece, as more and more of our lives be dictated by technology it's great to see how that technology works and modify it. and so many of the tech giants have said do not do that we've had issues getting

transparency into algorithms and how gadgets are made how does this get enforced is this a legislation thing? s or is this a cultural thing? >> i think there's a place for legislation because many of these companies are as large or larger than those countries or governments. so we might need, you know, sort of the will of the people, elected officials, dick laterally around intraoperability typically, these companies will intraoperate and once successful, pull up behind it. the first is imessage and google talk and going to open a standard it's very proprietary, and you have to use ten different messaging apps because none of them talk to each other. on the other side, the most important thing is user and consumer will and behavior so people vote with wallets and personal choices

we talk about who they elect, but more importantly, what software they use, where they spend their dollars, who they work for that's ultimately what drives the most change in the world that's a big part of what i do, in addition to my day job of creating wordpress and tumbler, but at philosophy, a way of understanding and looking at thing not unlike the philosophy that drove the enlightenment or modern democracy it's a way of saying, yeah, there's a default for how the world can happen, but we want something more we're going to work a little harder to maintain our freedom and economy and work for ourselves and future generations. >> and one last question here, you talk a lot about open source but there's been this real thought that just equals no revenue course and that is clearly not the case for your company but how do you get others to see that way >> well, much more relevant to

this program is there's so many open source companies going public we're able to see, open source gives people the freedom to charge for it as well. my company and many others can take open source software, release it free to the world and create add-on services, posting or plug-ins, there are other things to extend it. our primary goal for every dollar for my company, we want $20 to be made by the ecosystem. you can take the revenue and multi-ply it by 20, you see that activity happening it doesn't show up in one company's balance sheet so it's different that some of the proprietary companies. that's what drives the market share growth going to 43% >> matt, i like the idea you

that bring about the idea of ipo, relevant for the programming and audience how are you thinking especially as more of these names come to market and you seek to raise awareness about web 3, how are you thinking about your company essentially becoming public, or working with other companies >> yeah. well, we've been i'll say incredibly lucky to have the best of the world, tiger, insight or true venture in early days more recently, blackrock, et cetera so, we are very, very happily with our course. and certainly no constraint. the only regret there's a huge wordpress movement including some watchers right now that aren't able to own any equity. but for those who would want to buy the stock but it's not available, i guess you have two options you have to be able to write a $100 million check or come work for the company. they're excited by this mission of what it can create for the

next decade. i encourage you to come and apply for a job. i'd love to work together and like for you to own the stock. >> i like that you touched on that matt, thank you very much. maybe next time we'll see from you the rv, but enjoy the rest of the holidays with your family >> good. we'll schedule from the rv next time meantime, cathie wood's ark fund down 20%. we'll talk about what's driving that underperformance after this quick break. stay with us

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cathie wood's ark fund having a rough year as you probably know. yesterday was the latest example down 1.5%. bob pisani has more. hey, bob >> cathie wood's starts in the a bona fide world of active stock. the ebb and flow of her flagship fund integrates the stock ticker among the largest hold, bloc, coinbase, unity and they're down 12%. and twilio, test eladoc, spotify and tesla. yesterday, wood's lightened up in position with major holdings.

as for inflows and outflows, the inflows peaked early this year however, given the volatile stock, holders of the ark integration fund, they've been loyal. since peaking in april with 201 is million shares outstanding, there's a slow but steady share of outflows. down 15% from the april peak, but that level has been fairly steady in the last few weeks that's very impressive given the fund is down 21% this year, and 38% off a 52-week high, it hit that high bay back in february. and an intraday low yesterday. a lot of people are sticking with her the bottom line is this, there's nothing correct me if i'm wrong with cathie wood's line of reasoning. this technology company will change the world but what's true enough, when everyone buys into the argument and prices go through the roof for companies like tell ladoc,

sore twilio, or unity or spotify that made no profit at all or roku or bloc that traded for enormous earnings, investors will question what the right price will be. it's not that cathie wood failed they didn't fail and the prices go through the roof that's what we're debating now what's the right price for the companies. back to you. >> and she has a longer time horizon, so, we've got to give a few years to see what shakes out. >> yeah. >> bob, something we don't talk a lot about is the structure, with a hedge fund, even with the ark performance of etf this year, cathie wood is laughing to the bank. >> 78 basis points that's what we're charging you can buy the s&p 500 for

three basis points three basis for the s&p 500 versus 75 for cathie wood. she does that bought she's got a lot of work. she's got a lot of people working for her. you were buy the s&p 500 for 3 there of course is when the base becomes very relevant. you should just put the money in an actively managed fund like cathie wood's. or just put it in a naufund thas tracking the s&p 500 and like a spdr, and tracking that. or people that have put a lot of money into the index fund. >> hey, bob, everyone sort of watching to see if she tweaks her model or adjusts her long term philosophy. i noted on "squawk" a few weeks ago, she started to experiment in-house i wonder how long maturity that

would be >> well, i would find that a little surprising remember, the whole game here is invest in disruptive technology. and she's been right these companies have done well the problem is she just throws the prices through the roof because everyone bought into that particular story. so, it's hard finding these companies at their youngest point. look at the coinbase the whole up and down. it's been crazy all year with coinbase because investors sold money and pulled money out because you can't figure out what the company's long-term prospects are going to be. this is what issard about active management this is why people say go into index funds like s&p 500 it's really hard when you're dealing with this disrupt hi disruptive technology, i laud her. i think he's got a terrific outlook. i hope she doesn't start adopting long/short models >> she may, shorting maybe her

next you have to love her transparency, bob. >> yeah. as we head to break, taking a look at the biggest losers on the nasdaq 100 this morning. you'll see chinese names, as well as semis. you there go, peloton down nearly 3%. it's been a rough few months for the company. "tech check" is back in two.

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time now for a gut check on spacs and a trio of art beingels most that went public through spacs came through according to analysis from crunch base. buzz week, wework and clover health, buzz feed close to $3 a share not long ago it's not stopping the flood of money rushing into the space s spacs, doubled the pace in the prior three months it's not just spacs, there's a massive amount of fund raising this year and they have $12.3 million worldwide according to analysis from the financial times and when does this sell-off and the growth, the tech stocks, the

underperformance of tech ipos this year hit the private markets and of course, it is lagging and we haven't seen any slowdown so far. >> yeah, 12 trillion, it's hard to get your mind around a number that large just in one year. meantime, a quick production note as we go to break don't miss a cnbc special crypto night in america hosted by melissa lee begins at 6:00 p.m. eastern time we are back after this

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one more thing zoom announcing its latest acquisition of event production company liminol, which zoom will integrate into its product like the future of work it believes the future of events, everything from trade shows to office meetings will rely on hybrid software. of course, a lot of focus on zoom's valuation this year the stock was 444 back in february, now 184. didn't say the word metaverse, joanna, and clearly not as aspirational as fivenine, but a lot of people wondering what zoom would look like >> it's basically like putting on a show in your backyard

everything pieced together this kind of software will help a lot of companies holding events and yes in the metaverse we'll have zoom calls and this kind of thing will help us put on events, as well. >> zoom and another pandemic darlings to prove that zoom is trying to prove it's unified communication system >> yeah. >> joanna, our thanks to you for these great couple of days joanna stern of "the wall street journal". >> thanks for having me, guys. >> let's get to the half. all right. carl, thanks so much welcome to "the halftime report," thanks, carl. how much fuel is actually left we'll ask the investment committee, debate the road ahead for your money joining me for the hour i have a super-sized group, bryn talkington, jim lebenthal, jon najarian founder of market rebellion.