>> kate rogers ing thank you. we talked about this half of them can't even stay open for their full hours. >> they do not have enough people be safe, be well let's look at the board before we go. >> speaking of be safe, be well. look at this okay you see that little brief negative we were down 55 points we're up 200 now >> vix, vix, vix thanks for watching "power lunch. >> "closing bell" starts right now. it certainly does. welcome to "closing bell." i'm wilfred frost. stocks finishing the week with more stomach churning volatility the major averages picking up steam. the s&p 500 pacing for its fourth straight weekly decline the nasdaq could turn its fifth down week in a row >> i'm sara eisen. let's look at what's driving the action a slew of data this morning. helpful futures off their early lows key inflation reading came in hotter than expected, but incomes and spending were a tad

light. apple helping with the whole tech sector after strong earnings and hopeful supply chain commentary robinhood also boosting tech after a stunning turnaround. earnings from chevron and caterpillar keeping the dow in check. we have 59 minutes to go in this wild trading week. we're up 222 points. at one point, we were down 323 just another day in tumultuous volatility world >> we have a big show coming your way in just a few minutes, we'll speak with brian deese about the firmer economic data this week plus his thoughts on market volatility and later, dan niles will weigh in on apple's post earnings performance and look ahead to mega cap tech names reporting next week and what he's been doing with his portfolio >> let's get to mike santoli tracking another up and down session for stocks is the market trying to find some stability or is it still

sell the rally kind of mode? >> it's kind of both, sara we have been churning in this very kind of defined range this week intraday ranges have been wide, but on a week point to point basis, it's not been we have kind of stalled the decline around the minus 10%, 10% to 11% level, 10% year to date decline, and also, right in the area here where we sort of bottom in early october, late september, early october so i think if you're looking at this and say look, i'm a long term investor. i buy markets when they're down 10%. what you're hoping for is somehow it reasserts itself into a wide range at best for a while. take a zoned in look at the week itself s&p 500 trading right now almost where it opened the week the high for this week is about the low for last week, around 4400 and what you see here, so that's the low for this move that we have seen. monday, midday, it's about 4222. in the s&p, and what we saw since then is the market right

around that 4300 area, kind of stopped going down now every rally, as you mentioned, has been sold at least initially, basically when the market gets like this, it's under a fair amount of stress, having backed off a fair bit in a short amount of time every time there's a 1% rally, it's made sense to sell or set a program to sell the 1% rally and see how it works until that stops working, that might be the way it goes russell 2000 small cap value versus growth, you could argue this is a really wide spread right there, and even if you believe small cap growth is broken for a while, that maybe has a mean reversion possibility. 30-percentage point spread on a two-year basis, value beating growth among small caps. that's a little bit unusual. take a look at the damage in the nasdaq this is the number of nasdaq securities that have been cut in half from a 52-week high it's about 1500. you have never gotten above that except in the crash in the great financial crisis and here in the internet crash in the early 2000s

that's when the overall market was cut in half. keep in mind ultimately from high to low, so there's a tremendous amount of damage done there's more listings now than there were in '08. it shows you why investor sentiment might be so sour there's been so many opportunities to have these young emerging stocks that did so well into the beginning of last year been decimated >> on that note, i have been looking at the ark innovation etf lately as just a proxy for the names that have been hit the hardest. the names that are 70%, 80% off their highs. that's what's working today, interestingly, ark up 1% off 60% from the highs, but robinhood's turnaround, trulleio some of the hypergrowth names that don't make any money. that's what's working right now, zoom video is that a signal that things have gone too far, that lthey'r picking them up today? >> you'll only know that in retrospect i would hesitate to say they're

working. they're basically get agbit of a reprieve a reprieve is not the same as a pardon all rallies after a pullback start with short covering and people stop leaning on the weakest stocks there's a case to be made that we could have a pretty strong bounce in here if risk appetites just get back on the beam. but to me, that doesn't mean that somehow we have seen some definitive low in this area of the market or certainly that there are going to be leaders in an enduring way in the coming months >> s&p up over 1% now as we stand with less than an hour left in the session. shares of robinhood making a major comeback the stock fell more than 14% in after hours trade last night after reporting a quarterly miss on both the top and bottom line. but the stock, as you can see, is now up 8%, steadily improving throughout the session despite the rally today, robinhood shares have been battered since the stock went public last july last week, we spoke to the ceo of interactive brokers and

charles schwab and got their take on whether this competition from robinhood was really a threat to them >> we never have lost market share to robinhood we have always gained customers from robinhood and we never lost customers to them. but i take my hat off to robinhood because what they have done by bringing 20 million young people into the business is absolutely fantastic. and you know, that helps us business wise because as some of these customers become more serious and they decide to have a more serious platform, then some of them come to us. we have roughly ten customers a day from robinhood >> we're not suffering in terms of winning clients who are younger. and of course, our average balance among those clients is quite significant. many multiples of the fintech type of firms that have historically pursued the millennial investor.

>> and mike, i guess we saw that theme in terms of the monthly active users play out, that it seems to have peaked three quarters ago the question for them is whether they can stem that slide and if it's just a brief pullback as people are lessen gauged as opposed to a steady slippage of market share to other rivals >> i don't think right now we're seeing loss of market share in terms of actual bodies in terms of clients going elsewhere. it's much more about very loose attachments of the existing client base. they did have net additions of customers, robinhood did, in the last quarter we're talking about 22.7 million client accounts. average balance, $4400 tiny fraction of the competitors. even the trading metrics last quarter did not keep track with what competitors did there's a lot less user intensity in terms of trading, even last quarter when things got better to some degree in crypto volumes and in options volumes for other firms. i thing the big question is what

is the value of the client base if they're no longer having fun, turning the accounts robinhood is trying to pivot over to have longer term money and things like that it's fine. it's just a longer road and not what the brand has signified to the public just yet. >> robinhood bouncing back, up 8% as things stand >> apple gaining back a chunk of its year to date losses on the back of its earnings la night. we'll ask a bullish analyst what stood out to him in the report and why he thinks china could be a potential risk to the stock moving forward it is up 5.6%, helping all of the major averages, of course, to decent gains as things stand. the s&p up 1.2%.

am i working on friday? see for yourself. who are you? she's from clover. clover does that so i can do this. i didn't know you had dahlias. they're my favorite. they just came in. thank you. i should do a marketing campaign. clover does that. you're like a mind reader. alright, you're all set. could i order online too? you sure can.

secure payments, the tools you need, people who can help, we do that. talk to a clover business consultant today.

as a business owner, your bottom line people who can help, is always top of mind.that. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable nationwide network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™

shares of apple up more than 5% after reporting record profit and revenue in its earnings report yesterday despite supply chain hurdles, apple bean analyst sales analysts for all product categories except ipads. they didn't provide guidance for the current quarter, but tim cook told julia boorstin they're expecting solid year over year revenue growth for the march quarter. let's bring in evercore isi. clearly, these results were excellent, and the market is welcoming them today were there any weaknesses? >> well, i'll tell you, tuf find a lot of weaknesses on the screen the two things you worry about a little bit, ipads were below expectations again, you mentioned there's been supply constraint due to

the brunt of that. the other part is, you know, just as you look at the numbers, growth rates are starting to slow down. part of that is apple just grew very fast. so the growth rates are decelerating, but this was a very impressive print and aggregate across the board for the company. >> on that top line growth point, how tight do you think they'll be to economic performance, and if there's a bit of slowdown in gdp in the u.s., do you think that will hit them if it does, do you get a rather big reaction in terms of the multiple >> it's a great question i think you have the potential for stimulus checks to not be there as you go through the year those things could have some impact to the demand that the company has. the flipside is two things one is subsidies for iphones keep getting bigger as carriers

and cable companies now start to fight for iphone users or cell phone services it's happening before the end of the gdp slowdown that happens. the other big part, i tell you the story, the 1.8 billion ios devices out there and the monetization of that could have a very high ceiling despite the 19.5, 20 billion services business apple has today >> is it getting harlder erhard guys to forecast what to expect from apple it's a big move, 5.5%, and a big miscalculation on the part of analysts you guys were expecting 1% growth on iphone demand. they delivered 9%. without the sort of explicit guidance they haven't been doing since covid, is it harder to expect what comes next >> it's always eeasier for me t know what you're do when you tell me. so yes, it's getting harder. when you step back and think about it, the bigger challenge they have had and what was

having right now is it's very hoard to predict what supply chain availability and component availability looks like. and what happens with that has a big ramification to the output, which is the revenue numbers of the company comes out of that probably has been the single biggest wild card to predict, is how is the supply chain ramping up for apple versus other >> so what happens now to the forward estimates and your price target? >> listen, forward estimates i think will inch higher for everyone i'm sure they have the exciting part for apple in the next six months is you probably have one of the more siting set of product lineups, starting with the iphone se' 3 in a couple months, the iphone 14, we believe they'll have an arvr device by the end of the year you have a whole host of new products coming out. historically, the stock has worked very well into a new product cycle and i think you would get multiple new products

out in the next few months they will outperform the $210 price target for year over year. >> thank you for joining us. apple adding almost 6% here. and helping the dow out. we have just about 45 minutes left of trading. apple adding 60 points to the dow. visa adding double that, up 9% we're looking at near session highs, up 237 on the dow jones industrial s&p up well over a percent still looking at declines for the week, but building on gains in the final hour. nasdaq up 1.7% coming up, also seeing hair raising moves for commodities. energy on pace to finish as the stand-out sector winner this week, as oil prices jump and natural gas explodes higher. we'll discuss what's driving all that action in the space with rbc's helima krauflt. apple takes the number one spot along with tesla, which actually

just turned negative it was higher after yesterday's sharp double-digit sell-off. ten-year yield moves to the third spot there's some buying today with yields lower chevron after reporting down 4%, and a stunning turnaround for robinhood, now surging 7.25% we'll be right back. ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when

you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's yours free, just for calling the number on your screen. and when you call, a knowledgeable licensed agent-producer can answer any questions you have, and help you choose the plan that's right for you. the call is free, and there's no obligation. you see, medicare covers only about 80% of your part b medical expenses. the rest is up to you! that's why so many people purchase medicare supplement insurance plans like those offered by humana. they're designed to help you save money and pay some of the costs medicare doesn't. depending on the medicare supplement plan you select, you could have no deductibles or copayments for doctor visits, hospital stays, emergency care and more! you can keep the doctors you have now, ones you know and trust, with no referrals needed. plus you can get medical care anywhere in the country, even when you're traveling. with humana, you get a competitive monthly premium and personalized service from a

healthcare partner working to make healthcare simpler and easier for you. you can choose from a wide range of standardized plans. each one is designed to work seamlessly with medicare, and help save you money. so how do you find the plan that's right for you? one that fits your needs and your budget? call humana now at the number on your screen for this free guide! it's just one of the ways that humana is making healthcare simpler. and when you call, a knowledgeable licensed agent-producer can answer any questions you have, and help you choose the plan that's right for you. the call is free and there's no obligation. you know medicare won't cover all your medical costs. so call now, and see why a medicare supplement plan from a company like humana just might be the answer.

minutes left of trading. shares of chevron under pressure after hitting all-time highs in yesterday's trade. the oil giant reporting mixed fourth quarter results ceo mike worth was on "squawk box" earlier today, addressing potentially supply constraints in the market. >> there is oil supply out there. opec has been gradually bringing supply back into the markets there's a meeting coming up shortly where they're expected to further increase production and so these are markets that

are global in nature and lots and lots of players. our intent is to maintain that discipline and really focus on safe reliable operations and delivering returns to our shareholders >> for more on the factors moving the energy market, let's bring in helima croft, global het of commodity strategy at rbc capital markets. nice to have you back here, helima $87.05, the price for wti, keeps inching higher along with the u.s. dollar, which is interesting and doesn't always happen what do we expect out of opec next week? >> i think opec will go forward with their 400,000 barrel a day production increase that they're doing every month. but the problem is, they're not actually hitting that number there are several producers that are not reaching their opec quota, so the real concern is how much opec's fair capacity do we actually have we know saudi arabia can put more barrels on the market we know iraq, kuwait, and uae

have some additional barrels, but the concern is are they tapped out if we do get some type of geopolitical tension or lose russian volume or have concern on spike of prices on a fear of premium, how much oil is out there immediately to cap the upside >> so it sounds like you still see prices potentially moving higher here? is that right? >> depends on what scenario we're looking at do i see a path to $100 oil? absolutely if those russian tanks roll over the border into ukraine, we will absolutely i think be talking about $100 oil the question is, in the absence of that, are we going to be floating around the $90s for a while? i think that is the concern, is yes, u.s. production is set to grow this year but right now, this market is looking very tight and it doesn't look like opec have that much more to give. saudi arabia has more barrels.

the question is, can we get more barrels out of them if we need them >> helima, how easy is it going to be both in the short term and medium term for europe to kind of find other supplies if necessary whether that's coming from the middle east or coming from the u.s. or wherever? >> i mean, the emir of qatar is going to be in washington on monday, at the white house for this meeting on global energy security qatar is one of the countries the united states is making a big appeal to, to try to get additional gas volumes into europe one of the challenges, though, is many of these countries have already contracted their volumes to asia. asia is having a milder winter, so part of the discussion is, can we get japan, south korea, to free up volumes and send them to europe? but that is the situation we're in right now again, it all comes down to do we actually get an invasion of ukraine? does russia weaponize energy exports, and are we talking about mitigation efforts or can

you actually backfill a russian loss i don't think anyone is out there saying if russia were intent on disrupting serious volumes into europe, that you can find that much gas to fill a major russian disruption >> then, helima -- >> what happens -- >> how significant -- sorry, how significant is what the u.s. gdp figure is for let's say the second half of this year particularly if geopolitical concerns have eased, in terms of the price you come out for for your year end target for oil, and if we see a slowdown, will have that have a big effect? >> u.s. demand story, the u.s. demand is such a big part of the oil demand story our expectation is we're going to grow by 4.3 million barrels a day year on year so if we had a major slowdown in the united states, that would be concerning, but this looks like a market that is being well supported on the demand side

>> helima, great to see you. thanks for joining us. >> thank you should mention, we hit session highs during that interview. the s&p is at 1.4% the dow is up nearly 300 points. so the last 40 minutes, extraordinary rally, as we pull back to the flat line on the s&p. we're now at 1.4%. unbelievable >> still ahead, brian deese on the flood of economic data this week and the administration's plan to combat inflation, as we head to break, here's a check on bond yields lower today. the 10-year around 1.75. we'll be right back. i am here because they revolutionized immunotherapy. i am here because they saw how cancer adapts to different oxygen levels and starved it. i am here because they switched off egfr gene mutation and stopped the growth of tumor cells.

there's a place that's making one advanced cancer discovery after another for 75 years. i am here... i am here.... because of dana-farber. what we do here changes lives everywhere. i am here.

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. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

let's check on some individual market movers vf corp is falling despite posting a beat on earnings they cut their full year revenue citing delays. western digital also trading lower after issuing a weak outlook. the stock is down 8% jim cramer spoke about western digital in his investing club newsletter today to sign up, head to cnbc.com/jointheclub or point your phone at that qr code >> time now for a cnbc news update with rahel solomon. hi, rahel. >> hi, sara. here's what's happening at this hour more than a dozen new subpoenas have been issued by the house panel investigating the january 6th insurrection they're demanding testimony from 14 people they say met and

submitted to congress false electoral certificates from seven states president biden won. >> the rifle kyle rittenhouse used to kill two people will be destroyed. there's an agreement between prosecutors and attorneys for rittenhouse. a spokesman said he wants all this items connected to the shooting destroyed so they could not be used as political trophies >> along the east coast, homeowners and local governments not the only ones preparing for up to a foot or snow or more nearly 1200 u.s. flights have been canceled today and another 2900 flights tomorrow. that's all according to tracking site flight aware, that includes more than half of tomorrow's flights at jfk in new york and 90% of the flights at boston's logan airport. certainly not a good weekend to be flying, wilf, but perhaps a good weekend to cuddle, watch a movie, eat some hot cocoa. just not travel. >> absolutely. netflix and bill that's what bill ackman will do this weekend >> yeah.

>> huh rel, thank you. >> with 30 minutes left, here's where we stand we are pretty much at the session highs, well, we were briefly at session highs amazing volatility we see here up 1.2% on the s&p dow is currently up 211 points the high of the session for the dow briefly 300 points all over the place but very positive relative to the session lows this is a session where we have improved during the session as opposed to declined. u.s. consumer spending falling in december. we'll talk to white house economic council director brian deese about that data and the state of the economy >> plus, the tech earnings parade continues next week with alphabet, amazon, meta, and nap reporting. we'll ask dan niles what he's watching for later on "closing bell." well, would you look at that? jerry, you gotta see this.

seen it. trust me, after 15 walks... gets a little old. i really should be retired by now. wish i'd invested when i had the chance... to the moon! ugh. unbelievable. esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve,

with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪

about 25 minutes left of trading. we're seeing a lift in the markets. the dow is at session highs, 331 points higher right now. about a full percent if you want to know who is most responsible for the dow gains today, that would be visa, adding 130 or so points. apple is also helping out, adding 64 points and helping out the entire tech space as well. tech and momentum are outperforming today. value stocks, for a change mike santoli on visa quite a move we're seeing, up 9% it's lifting mastercard up more than 7% and really all the payment stocks which have been beaten down pretty hard. what did we get from this company that's making people feel more bullish about the space? >> well, the report shows that the very long term picture remains on track, and the stock very importantly, had moved to a

discount that's been the dynamic all along. compressing growth stock valuations because they got out of hand and people were worried if they could carry the valuations visa went from $35, $36, down to the mid $20s it's in tune with this idea that you can buy quality franchises a little less expensively than last year and not worry kwie as much about the cadence of growth there's a little bit of the reopening aspect when it comes to cross border travel and things like that with visa, but much more these are stable cash producing businesses that can be ballasts in a portfolio at a time you don't have to make big bets aboutrates or the economy >> visa up almost 10% here session highs, again, 338 on the dow. 2% gains right now on the nasdaq stocks are rallying, but it has been another very volatile week for the markets. in fact, it's been marked by sharp swings check out the pullback from the

highs. the dow off about 7% s&p 500 off about 9%, and the nasdaq still off double digits from the highs all of this comes as investors this week weighed the fed's policy outlook and stronger than expected gdp and a whole lot of other economic data. joining us is economic council director brian deese on the newsline -- oh, in person good to see you. we got your shot fixed what about all this market volatility do you start to get concerned here about the wealth effect and the impact this might have on the recovery if we continue to see stocks pull back like this? >> look, we're always monitoring that activity, but we take a broader view of where we are economically as you mentioned, we have gotten some really positive news. the gdp data that came out yesterday confirmed strong fourth quarter growth and historic growth for the year in 2021 the strongest year since 1984. and we're seeing consumer

balance sheets remain strong and obviously, the job market is quite strong right now so we're monitoring what's happening in the markets, but we try to look at what's happening in the real economy and obviously, we still have challenges out there with prices, but we see a lot of strengths in this economy right now. >> what about the recent data, though it's kind of a mixed bag we got that good gdp report, but at least in the fourth quarter, most of that was inventory stocking, which you know isn't sustainable. durable goods weren't too hot. there's a sense that in this first quarter, the economy is losing a lot of momentum >> well, i would start putting it in perspective. 5.7% gdp growth last year is historic and it is not only have we not seen that in multiple decades, but we're seeing that play out in terms of benefits for people across the country you mentioned the inventory, and there's some real positive news in that what we saw is businesses were audible to restock inventories during a quarter where there was a lot of

concern about would supply chain constraints keep that inventory from building up no doubt that we are moving into a quarter with some challenges and some headwinds the omicron variant being chief among those. but what's really striking is that notwithstanding all of the challenges we're facing, and the pandemic that continues to hang over this economy, the strength of the economy is continuing to move forward the strength of the consumer is still there. so certainly, yes, there's ups and downs. there always is in the data, but we're trying to focus on what we can do here to sustain that recovery, get the explain chain issues and as those ease, we're expecting to see some additional easing on the pricing side as well >> with all that considered, what is a win in your eyes for end of year gdp growth for the u.s. economy, for 2022 what are you aiming for? >> well, i would start certainly was a win in 2021 to see the strongest growth in 40 years i don't think most forecasters

are predicting we'll grow at that historic rate, but look, a win for us is an economy where working class people have more opportunities, more job opportunities, more opportunities to earn good job with wages and to have a little more economic security we made real progress on that over the course of 2021. and we have the challenge that a lot of families are feeling, the increased prices and uncertainty that brings. so we're focused now in 2022 on trying to address that issue, but in a way where we continue what is so strong about this economy. we continue robust growth. we continue a job market that is driving wage growth, particularly for those at the bottom end so that's how we are thinking about what success looks like for the economy and ultimately the end american family. >> tim cook seemed to suggest on the apple call and to our reporter julia that supply chain constraints for them are easing at least this quarter relative to last quarter. do you get that sense that it applies across all parts of the supply chain or are they kind of

in a special situation because obviously their customers prioritize apple >> well, from the ceos and the companies that we're talking to, i think we are starting to hear and see some real easing, although obviously, continued concerns and continued challenges out there and i think every company's supply chain is somewhat unique. certainly, we still have real issues with respect to semiconductors, and i would note on that front that we have a real opportunity here to move on legislation that would help position the united states to generate and build more of those semi-conductor capacity here domestically we're focused on trying to move that forward that would be a really positive thing for our supply chain resilience over the medium term. we're seeing some of that in the data too the data that came out this morning showed some of that shift that we're hoping to see from consumer spending away from goods and more towards services.

that will also have some easing on the supply chain side as well i would say we still have a lot of work to do on that front, but we see some signs for optimism >> we have seen tremendous progress on the jobs front, brian, as you know, millions of jobs added last year but now, given the disruption that omicron has had on the economy, what's your expectation for january? >> well, you're right. it was a historic year for jobs. the fastest decline in the unemployment rate on record. the most jobs created, 6.4 million, in any single year on record we have a strong labor market where jobs are plentiful and people particularly at the bottom end of the spectrum are seeing disproportionately large wage gains i think january is going to be a very confusing month in the data because the way that we sample the data, the way that the government samples the data is to take a snapshot in an individual week and survey companies, and if somebody is out sick for that week, even if they have not been laid off, if they weren't paid, getting paid

sick leave, they will not be counted as employed. if you think about omicron in early january and the impact in terms of the number of people out sick, we do expect there to be some real variation in the data we're trying to look through that to the question, the underlying question of what the impact of omicron is i think there's better news on that front we certainly saw an unemployment claims some moderation in the data that came out yesterday i think we need to be prepared for january employment data that could look a little strange and that will reflect, may reflect as much the way that the sample accounts for people who are out of work on sick leave as opposed to more fundamental changes and layoffs in the labor market. >> good to know. we'll get that report next week. brian, separate topic. you hosted a meeting with the president and a bunch of ceos from various industries this week to talk about build back better you invited the ceo of ford and

gm and president biden did tweet out a video of himself with mary barra of gm talking about building electric vehicles in this country i don't know if you are on twitter, if you noticed that yelon musk responded to it. he said starts with a t, ends with an a. esl in the middle. then went on to respond to a few other people and maybe a little more insulting way around the president. why do you not invite musk to these meetings this one and others you have had specifically on electric vehicles, when they are on the front lines of producing electric vehicles and the biggest player in this country >> well, i would say this was a great meeting. we had ceos from sectors across the economy. not just the automotive sector, but the technology sector, the industrial sector, health care sector all across, and what was really interesting about the perspectives that the ceos were bringing is that all of them were underscoring that things like investing in child care or

in education, in early education, are core economic issues right now given our need to get people back into the workforce, our need to help more people who have caregiving responsibilities actually work. and so that these issues are really core economic issues even though sometimes they're labeled as social spending when it comes to electric vehicles, we want the united states to be the place where the electric vehicle revolution is driven and where we gain more of the global export share and we're creating more good jobs here in america. it's not about any one individual company that's about from the policy side, laying the foundation so that here in the united states companies feel confident to invest, expand, and build not only assemble those vehicles but build batteriesand other components that go in in a way that creates good jobs for communities. >> that's what he's doing. >> we're looking at anyone who is investing and helping move the united states and position the united states to be a leader in the electric vehicle

revolution somebody we're working with, we obviously have a variety of different ways of engaging with companies and ceos but from our perspective, we want the united states to be the place where electric vehicles and their components are built and to the ultimate end benefit of the workers and the families and jobs and the economic opportunity it will create >> maybe next time, elon musk. maybe he'll get the invite brian deese, thank you we appreciate it >> thank you guys. >> still to come on the show, caterpillar dragging, and affirm soaring. those stories and more in the market zone. we have just about 14 minutes left of trading and we're near session sighs. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy.

actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪

power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools, and interactive charts to give you an edge, 24/7 support when you need it the most. plus, zero-dollar commissions for online u.s. listed stocks. [ding] get e*trade and start trading today. never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contracts prices around. [ding] get e*trade and start trading today.

. welcome back we have a great lineup coming your way in the second hour of "closing bell. tech investor dan niles will weigh in on apple's post earnings action and we'll preview the mega cap reports due out next week. chart expert katie stockton will survey the broader market swings and tell us the key levels she's looking at we'll talk to ian bremmer about the latest developments out of russia and ukraine, whether he thinks the tensions are a rising risk for the market. and we'll put the macro uncertainty into a discussion. first, we have about 10 minutes to go in the trading day we're now in the closing bell market zone. cnbc's commentator mike santoli here to break down the crucial moments of the trading day today, we have chief market strategist victoria fernandez back as well

victoria, welcome. we'll kick it off with the broader markets. gains are acscelerating into the close. dow, s&p, nasdaq on track for their best days of 2022 sofar after what was a wild day of intraday swings. the nasdaq still on track for a weekly loss, but the dow and s&p 500, mike, have now gone higher for the week you have almost every sector green except for energy right now. nice little lift here into the close that feels different from where we have been in recent weeks. >> yes it feels somewhat different, although it's feeding off of exactly what's come before if we dial back one week, the conclusion was, well, the market is getting pretty oversold it might need an extra little kind of intense push to the downside sentiment was turning very negative we were entering earnings season, soon to be clearing the hurdle of the big fed meeting. all that happened as the market kind of nervously kind of traded back and forth along the same territory in a couple hundred points on the s&p. now y do think it makes sense.

you have an upside air pocket and a couple extremes were also something like six 1% down days in the market before you had a 1% gain in the interim that's very unusual. not that many times in history have we seen that. finally maybe we'll end that streak and city fits rr making a decent case that this correction has been running its course. there victoria, what do you make of the action this week and today to round it off? is it encouraging that we have bounced off those levels and never retested those monday lows in ramping into the close to end the week >> it's important from a technical level that we didn't go any lower than those monday lows but look, i think this is going to continue for quite a while, probably at least the next six weeks until we get to the march fed meeting and the first rate hike you have markets looking at rising yields, revaluation of some of these growth stocks. they have a central bank that is saying wait a minute, now inflation maybe is stickier than we originally thought.

monetary policy is too accommodative and we need to change that. and valuationsare off on equit and fixed income markets it's trying to churn all that data together right in the middle of earnings season, so i think there's a reason we have seen all this volatility, today no different, but i'm glad to see we're kind of ending on the upside here instead of the low like we saw earlier in the week. i think it is to due with some of the strong upperings that we had, especially apple, and then leading into next week, that sets us up well for the earnings on some of those other big tech names. >> we are in fact up over 2% on the s&p now. the russell, which was down more than 1% an hour or so ago, is now up more than 1%. the dow would be even higher if it wasn't for cat, the biggest drag despite an earnings beat. seema has a breakdown of the earnings for us. >> caterpillar failed to deliver the type of margin growth that wall street was looking for. two reasons. one, higher freight costs as the company relied on air shipments

to get around the supply chain issues, and two, caterpillar kept its plants open and fully staffed to meet demand as much as possible, which did come with additional expenses. the company is warning on china is always surprising cfo andrew bonfield saying, quote, the only area we're potentially seeing some slowdown will probably be in construction in china as we look in2022 so changing its tone around growth it's seeing in that country. shares of caterpillar down 6%. tough week overall for industrials including 3m and general electric on the question of infrastructure and when orders will start to come through. ceo saying it will start to impact us towards the end of this year and into next year, so a potential tailwind just down the line back to you. >> seema, thank you. >> the nasdaq is up 2.75%. racing higher into the close apple, one of the top performers on all the major averages today. that stock rallying on the back of an earnings beat.

posting record profits last quarter, beating analyst estimates in every product category except ipads as supply chain issues cut into sales there, but tim cook said those challenges are showing signs of improvement. a nice move in apple it's now up 7%, at session highs. is it too late to get into this stock in this kind of environment where it acts like a safety play and is also showing some real growth >> no, you're right. it's getting the best of both worlds, sara of growth and of value we did actually buy apple prior to the earnings. and so we're benefitting from that, but look, this is a stock that i think you need to have in your portfolio long term so as we talked a minute ago about the volatility we're seeing in the markets, i think when you have any kind of red days where apple pulls back a little bit, that is an opportunity to get in there. i mean, they're not having the same supply chain issues that we heard from western digital, from vf corp, and other companies they're doing really well there, and they had the largest single

quarter for revenue. they really knocked it out of the park i think we're going to continue to see them do well. so on pullbacks, go ahead and start building that position in apple. >> we're up now 2.2% on the s&p. 500 points on the dow, 2.8% on the nasdaq unbelievable rally into the close to round off a crazy week. affirm is one of the winners today. it's up 17%. kate rooney explains why >> hey, wilf affirm up double digits after d.a. davidson upgraded the stock. citing a much improved valuation after affirm's recent 60% dropdown holiday spending, partnership upside and a better risk/reward outcome. visa and mastercard up big after reporting earns. a rebound cross border and strong consumer spending overall, fintech is getting a boost today, alongside some of those growth stocks. robinhood bouncing back after disappointing earnings

really erasing all of yesterday's 14% loss you have paypal and block in the green as well. back to you. >> kate, thanks so much. mike, i guess get agglimpse today with affirm of the scale of gains you can get when it's time to bounce back for some of these unprofitable companies that have tanked >> yes you're working off an incredibly depressed space. if you look at an affirm chart for the entire year, it was nothing but straight down for weeks and weeks before this. a $17 billion market cap, is that a lot or a little for the business it's absorbed a lot of the trauma from the peloton sales going down arg arguably, a fair amount of bad news what is interesting is visa, their ceo was on the call after their results talking about how everything that benefits these upcoming -- these up and coming fintech players really also is good for them as well. in other words, the big companies running the rails have a great role in this

i'm not sure it's a zero sum game, but the big guys are not exactly quaking in their boots at the affirms of the world. >> never a dull moment in the final hour of trade. and this time, it's a lot of buying here into the close we're up almost 3% on the nasdaq the s&p 500 has gone positive on the week it's now up .6% on the week. surging 2.3% jim cramer just tweeting out that it reminds him of the bear market in 1990 that's the thing, you get these kind of violent upswings sometimes in bear markets. so it's confusing to know whether we're trying to put in a bottom >> right obviously, it gets whippy in both directions. as we go into this kind of a bull rush close here with the s&p 500, we're still, i think, ten points below the 200-day average, so you could have some of these strict constructionists say look, this is all happening when the market is still back on its heels, even though it's still in a longer term uptrend so a correction looks like the

start of a bear market, but not every correction turns into one. that's always the tricky part. the internals started out pretty squishy but have improved. you see almost 3 to 1 positive advancing to declining also the spread among sectors. you have imagine maybe they're going to close a little bit. energy versus technology or semi-conductors coming into today, very widespread energy is working almost at the exclusion of everything else, and then maybe some convergence potential there. the volatility index was slow to back off for part of this rally in the morning, but finally, it is succumbing, down three points that's bullish. you don't want the vix to be stubbornly high. >> up 2.4%, no less, mike. the dow up 1.6%. the nasdaq is now up more than 3% you said energy working this year technology not that's not true today. the opposite is true technology, the top performing sector quite comfortably up

4.3% energy the only sector in the red today, down 0.6% the other ten all positive most of them meaningfully so as we approach the bell, 2.4% of gains on the s&p 500 1.6% on the dow. the nasdaq up 3% even the russell up nearly 2%. having been down more than 1% about an hour and a half ago and three of the major averages, the big three end the week in the green because of this extraordinary rebound into the close. another 800-point swing in the dow day leaves us positive what a close across the board. and we're higher on the week welcome back to "closing bell. i'm sara eisen with wilfred frost and mike santoli coming up this hour, investor dan niles on today's market rally, what he expects from next week's mega cap tech stock earnings first up, victoria fernandez

from cross mark global investments is still with us, and mike, that was a surge the nasdaq closing up 3.1% on the week it actually went positive. i thought we were going to get our sixth week in a row of losses for the nasdaq. it sure felt that way just about until about ten minutes ago or so watt happened? >> well, the refusal to go back down to the monday lows, i have been talking about that for three days at yesterday's close, started off this four, five-day period, one of the strongest in the calendar year at the end of january. that created some psychological encouragement, and look, when the market has been hashing out on the same levels and whipping that around, you had flushed out positioning reasonably well, and things get slightly sold out, and by the way, once we went above yesterday's highs, you're going to have a fear of missing out because you think maybe this could be a significant low it doesn't mean it's going to stick. we don't know. the equal weighted s&p vastly underperformed it was the huge index names that

basically juiced higher into the close and got squeezed up. that's okay, but i still think in general it's plausible this was a pause in the selling and it make the makings of agregorys well you think the bottom is in >> i don't think the bottom is in yet i think what's happening is people are thinking that things are quote/unquote on sale. and that takes out of context the fact that future prospects for a lot of companies in this market have greatly deteriorated over the next year, and likewise, that the multiple expansion we see over the last two years and in some cases is not deserved there are some companies that probably are on sale and i'll look to add to those over the next few months. those are companies that have shown us the ability to sustain demand no matter what the macro environment is stimulus, no stimulus, fiscal supported demand, consumer and wage and labor demand.

those companies have shown a top line insulation as well as a margin insulation are those that i think that we'll see a bifurcation around and the breadth will decrease over the next few months as we digest and the market digests decelerating corporate earnings >> victoria, the nasdaq in particular, wow. what a move. bestroke just tweeting out, we went through a 7% range in the nasdaq this week, and ended completely unchanged what do you do with tech we got good earnings from microsoft and apple and good reception from the market. does that help lift the entire group from the doldrums we have been in? >> i think it does give a little bo of support, especially if we're going to go into next week where we have more tech earnings and we have seen some of these names really come down in the last month. they're probably set up a little better than some of the other names like the financial names went higher into the earnings so

there was a little bit of friction there these names are down so much going into some of their earnings next week that perhaps we see a little bit of a lift. i said earlier we had bought apple prior to the earnings. we added to our microsoft position prior to earnings as well i think that's what you can do on these volatile days on green days you can turn names or become overweight, and red days, go in and pick up some of those names. as greg said, some names are cheap, but it doesn't necessarily mean they're a good value, but get your shopping list out and start adding to some of the tech names that have pulled back if you think earnings are going to be strong. >> mike, do we have any idea who is driving the marginal change, retail versus institutional? we're getting up to month end where rebalancing might come into play as well? >> you never know in the moment. the pattern has been retail has been pretty resolute in terms of flows into etfs. this is the time of year when that's going to be somewhat mechanical, but the trading desks were saying retail was a

little more buyer than seller along the way here that's not going to necessarily mean they're going to hold the day, the market went down 10%, 11%, with retail kind of buying a lot of that. but i do think when you see a lot of the smaller cap names that really have gotten into wash-out mode, the ones that are much more kind of directly controlled by retail, it does seem as if we have reset to some degree, and there's some kind of equil equilibrium. hedge funds have gotten muted. they pulled back a lot in their exposure to the market, and that usually means they're going to look for a chance to put risk back on as things look like they stabilize. >> know you always play down the direct correlation between, say, technology and high growth names and what we have seen on treasuries it's interesting that the ten-year note yield is back below 1.80 and we saw buying today and lower yields i wonder if that does give

permission for a close like this today or a day of buying of some of these tech names today. you could have read into some of the economic data that things are slowing in the first quarter, and that maybe inflation is peaking, that employment cost index saw only 1% growth on employment costs for the month for the last three months which is a step down in a rate you could make an argument that maybe inflation is peaking as well >> sure. it's absolutely consistent with the idea that inflation is peaking. maybe in a jagged way, but what is most significant to me about that is 8:30 a.m. when the data came out, the two-year note yield went from above 1.20 where it had risen to overnight, back down to 1.16, 1.17 that to me is more just a signal to people that says we have talked ourselves into a very hawkish fed outlook. and in fact, people amping it up b of a saying they might hike every meeting seven times this year

that's the kind of thing you hear when people are probably overshooting in their expectations of that i think that was one excuse for why we did have, you know, clear the way for the market to go up. i just don't think when we're talking about a few basis points off the ten-year and a 3% move in the nasdaq, that's out of whack in terms of saying one caused the other, especially when nasdaq has been straight down for a month and a half. >> greg, what's your take as to whether the fed has been the key factor this week or whether in fact it's earnings and other sentiment driven factors >> i think it depends on what time of day you're talking about, wilf. if you're talking about the morning during some sessions it might be 1:00. if you're talking about the afternoon, it might be another the market is searching for what to hang its hat on while i agree with mark in terms of it might not be as draconian as we think, the fact is that we're going to have some interest rate hikes this year and the fact is that generally presents a headwind to growth, but the argument i'm making is

that presents a disproportionate headwind to unprofitable growth, and growth without uncertain prospects. when you look at something with a microsoft that just gave us 20% top line, gave us a point on the bottom line, would have been three points without the accounting adjustment, what you're looking for for safety, for some stability in this market are things that have some insulation both on the top and bottom line that can provide sustainable, consistent growth, regardless of the macro environment that are somewhat insulated from inflationary pressures, and that's where i would look for safety, for things that are going to differentiate themselves during this earnings cycle as microsoft and google and oracle have over the last six or eight quarters >> we're going to get to some other names because before we let you go, we want to zone in on your best trade ideas victoria, we'll start with you what have you picked >> yeah, so we have actually picked lowe's. we really like lowe's right now,

leading into a little bit of the cyclical component of the market thurnings last quarter were strong when it came to marges. that's going to continue, that they're going to be able to use the levolog from the fixed costs counteract the supply chain and wage issues can they have same-store sales growing consistently 2% to 3%. it looks like even though they're normally a housing play to an extent, adding in some new revenue streams like their partnership with petco, could be very positive. if you're a pet owner, you know how much you spend on pets broadening out the revenue stream and taking all that together, they're still trading cheap to home depot, their largest competitor i think that's a good long-term name to have in your portfolio >> greg, which one are you going for? >> look, i think that all of large cap tech, all of profitable large cap tech has undergone a multiple revision that has erased all of the covid gains at this point. if you look at oracle, google, microsoft, et cetera, you'll see

microsoft trading at 30 times forward p.e., which is a level we haven't seen since january 2020 despite giving us 20% top line and potentially 3% bottom line and so i'm looking for companies that have shown me they can deliver in any macro environment, so at this point, i'm looking for safety in some of those names like microsoft, counting on the fact that tech trading will bifurcate towards those who have shown improvement to us that they can deliver regardless of the macro environment. so microsoft is safety for me at this point >> there we go greg, victoria, thank you for joining us good to see you. we are just getting started here on the second hour of "closing bell. apple one of the best performers on wall street today after reporting stronger than expected earnings up next, dan niles will join us to discuss if apple is a by here or other mega cap names that he preferred. later, chart expert katie stockton on whether investors

should be worried about the market bounce or embracing it. 'lbeacin cplwel bk aoue minutes.

welcome back stocks surging into the close in what been a wild week for the market the dow and s&p 500 snapping three-week losing streaks and the nasdaq eking out gains to close positive for the week, essentially flat on the week, but a 3% jump for the nasdaq today. crazy to see all three major averages in the green for the week dan niles, portfolio manager, joins us now great to see you, as always. got to get your take on where you stand at the moment as to whether we have seen a bottom, short, or long term, and if i know you at this time last week were saying you were going to do some buying. if we bounced quickly to doing more buying? >> i think at this point you need to look back at history if you take a look at prior periods that are like this, so

for example, when paul volcker took over at the fed and he was fighting inflation, the market went down about 9% in the space of i think 13 days and then it rallied 8% in the space of 16 days and it went through this choppy back and forth until it ultimately lost about 27% before all was said and done. so i think two weeks from now, you're going to be sitting looking at the s&p up 3% to 5% from current levels. and everybody will be saying, oh, it's the bottom, and everything is good and the fed hasn't even started hiking and so you're going to continue, i think, to go through the zigzag pattern, and that's why we only have one short in the portfolio. we covered all the rest of them because we are expecting that kind of rally. you can see this even when the tech bubble broke or in the late '60s when inflation first started to pick up so our big thing remains the same 20% correction in the s&p 500 at

least from peek to trough when all is said and done multiples contracting, the fed being very aggressive. you want to take advantage of periods like what you just saw, to go shopping and we bought some bank stocks we bought another tech name that got beat up today in optical, but you need to have shorts to offset this because in a down 20% take, everything is going to get caught up in it regardless of how good it is. microsoft is down for the year, apple is down for the year we'll see how google and facebook do, but google is my biggest position single stock position. i think they're going to put up good numbers but they're all down you can't escape if you have high valuations in the market. >> and so let's talk about some of those mega caps you just mentioned. how significant was it that this week microsoft and apple both reported the numbers they did, but the market interpreted them as they did? does it stop the rot as it were of the 40%, 50% decline as

netflix and peloton spreading to the mega caps? >> well, the great thing about this market right now is because people have suffered so much pain, they can't now just sort of put the blinders on and say, well, five years from now, it's going to be great so i can ignore this. which is what people were trying to do with netflix don't forget, netflix makes two subscriber numbers last year and everybody was like, don't worry about it because it's going to be so much bigger five years from now then they report another miss, and everybody downgrades it. i think now you're going to go through and see people focus on things like cash flow and profits. so more money is going to migrate to those names that can generate cash flow and profits that maybe benefit from the economy's reopening, so i think you're absolutely right. it benefits those names, but don't forget, the ones that are beat up the most will rally the hardest off the bottom, but you're just going to continue to grind lower in those nonearnings

names whereas the big cash flow guys will hang in way better just like they have done in prior bear markets when multiples contract >> so have you picked up any of those momentum higher growth tech stocks that have just been brutalized in the last few weeks here are you still staying away from those and sticking with mega caps >> if i took off my shirt, you would see the scars i have from those, but yes we bought affirm last week which looked incredibly stupid as the stock continued to get killed then all of a sudden today it's up a bunch off the visa partnership, as well as just the fact it had gotten really beaten up but that's the tough part of trying to catch falling knives that's just one example of it. we looked at some asian tech companies that, again, gave us a few scars. but these are names outside of china that we think are going to grow, so i'm not dealing with

the chinese government regulatory risk, but again, just got pummeled in those. so what you're trying do do is then match that up with as the market rallies, you're layering in shorts. that's kind of the game plan of what we're trying to do. if you remember our top picks for the year, we started the year, you had me on december 28th and i said expect the s&p to be down 20%, and we said expect five or six rate hikes. i think we said that on january 8th, and 3% freshy we like energy, banks. cash is our favorite investment to start the year, and then google and facebook hope tale do better than most and that combination is down .8% for the year so far. so that's still the game plan as we think about it bigger picture. >> so dan, we have mentioned some of the mega caps. what about amazon? a lot of people pointing to the chart looking more vulnerable and the fact it shares a little bit more of, say, netflix's

business model than purely microsoft, a bit simplified, but you haven't mentioned that one yet. do you like it or not? >> i absolutely don't like it. because i think you framed this quite well it's exactly like netflix. it benefitted tremendously from the pandemic earnings got slashed last year i think q1 earnings if i remember correctly were $19 a share. that went to $6 a share by september. and the stock was up last year but you know, e-commerce spending is slower so netflix was up last year as well and this month, i think it's down 30 something percent. so you could take your crack at, you know, reaching for the knife for that one, and it's a great company. it's going to do well over time. but you don't know where the bottom is for e-commerce slowing down, and that's why for me, it's a lot easier to look at google and say, well, if pandemic reopening, i have

hotels, airlines, vacation spots, advertising again and that's good. so i can pay 20 times for facebook and google or i can pay 40 something times for, about 43 times p.e. for amazon, although you don't necessarily look at p.e. for amazon, which is part of the problem and why it's struggling >> kudos on affirm, which went up 17% today, as you said. did you tell us which one you're short? you said you're short one stock. >> no, and i'm not going to. but it's in the sports betting sp space. we ended up buying a company that we think is profitable in the sports betting space that's down well over 50% for the year. and we shorted one that we think is going to lose a lot more money than expected, so we're trying to balance that so that's the one name we're actually short

in general, our goal is put the shorts back on with the market up 5% to 10%, and everybody saying, oh, we're going to new highs and life is wonderfully. that's when we're going to start layering back in our shorts. >> got it. well, at least you gave us something there. people can guess for themselves. dan niles, always appreciate it. thank you. >> thanks, sara. >> your most boring position cash is doing pretty well. up next, mike santoli looking at the risk of recession amid a recent batch of mixed economic data. >> and later, katie stockton breaking down the charts to see if today's rally is the head fake or the start of a potential bigger comeback. wel rhtac'lbeig bk.

new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. ♪ ♪ wow, we're crunching tons of polygons here!

what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq yeah... oh. don't worry i got it! nurse mariyam sabo knows a moment this pure... ...demands a lotion this pure. new gold bond pure moisture lotion. 24-hour hydration. no parabens, dyes, or fragrances. gold bond. champion your skin.

quite a nice comeback for the market in the final hour of trade. finishing higher by 2 pour foyt% on the day for the s&p let's go back to mike santoli for the look at the odds of a recession. the data hasn't come out all that great what do you see? >> data is not so great. decelerating clearly, but the reason to start asking the question after the s&p has already been down 10%, if in fact the markets are sniffing out a recession is if you don't get a recession in a given year,

it's rare to have a calnlder year loss, if you get a pair market without a recession, they tend to be brief and not particularly grueling. this is why i want today look at this 2014-2019 experience of the s s&p. this was a verecession scare, late 2015, the fed forced in the first rate hike in almost a decade it was a slowdown globally a lot going on that was the january and february sell-off we got down to 15%, 16%, and it was really three months or so of nip and tuck trading it was difficult also 2018, we all remember that, too. that was a 20% decline again, fear of late cycle recession and the fed tightening into it. this is the new york fed's model for is there going to be a recession in the coming year this is a percentage possibility. we're down around 7% here by december 2022. so clearly, almost nothing to worry about. you have never had a recession where you didn't at least see that start to rise ahead of time it doesn't always give you a lot of notice and it's strictly

based on the three-month to ten-year treasury yield. three-month, ten-year, not 210, this is a little reassurance even if the markets remain unsettled, it's not ripe yet, a recession, that would imply bigger and downside for stocks >> up next, chart expert katie stockton on whether today's late day rally will continue next week >> plus, alphabet, amazon, and meta among the big names on next week's earnings calendar (vo) for me, one of the best things about life is that we keep moving forward. we discover exciting new technologies. redefine who we are and how we want to lead our lives. basically, choose what we want our future to look like. so what's yours going to be?

[copy machine printing] ♪ ♪ who would've thought printing... could lead to growing trees. ♪

welcome back let's get a recap of some of the big stories making headlines on wall street. visa having its best day in nearly two years after the company reported better than expected earnings thanks to strong payments volume growth. up 10.6% by the close. cat, the biggest tdrag on the dow. they beat wall street earnings estimates, but high cost profit margins and declined 5 pefrs the dow component chevron was also under pressure after the energy giant missed on the bottom line despite rising oil and gas prices and slid 3.5%, of

course, had been a great performer of late. certainly relative to the rest of the market, sara. >> gave some back today. let's get to shep smith now for a look at what is happening outside of wall street today hi, shep >> lots of snow. from the news on cnbc, here's what's happening powerful noreastic about to wallop the east coast. they call it a bomb cyclone. two weather systems colliding in the atlantic that makes the pressure drop rapidly, much like a hurricane some coastal areas especially on the east end of long island and into new england expected to get hurricane force wind gusts and windchills below zero. a blizzard warning in effect now up the east coast from north carolina to maine. there's a lot of uncertainty here, but there will be lots of snow in boston, they're predicting what could be the biggest one-day snowfall on record 2 to 3 feet in some spots. in philadelphia, along the jersey shore, and new york city, around a foot. and more on long island.

the national weather service reports a range of possibilities. saying it's just as likely philly and new york and the jersey shore could get six inches as 18 inches or more. so they say prepare for the best -- prepare for the worst and hope for the best, as snowing much of the day tomorrow gone by sunday 2 to 3 inches an hour at times tonight, an update on the forecast and all of the info in the day's headlines on the news right after jim cramer 7:00 eastern on cnbc >> thanks so much. stocks surged in the final hour of trade with all three major averages finishing the week in the green. this has been a week of violent market swings, of course, with the major averages making intraday moves of several percentage points each day this week joining us, katie stockton great to see you, as always. i guess some of your takes will have changed since before the show given that extraordinary rally into the close how significant is it that this week we never retested those monday intraday lows and ended

on such a positive note? >> well, it definitely makes a difference as it pertains to the short term indicators. so we had a short term reading at the start of the week that was pretty extreme looking from a bottom up perspective at the components of the s&p 500. and what was really important that happened is that we saw reaction to that so when you have an oversold reading and you get a nonreaction, that's really bad news because it means that momentum is weak enough to keep the market going lower despite that oversold reading that the buyers aren't stepping in, and just barely, they did end up stepping in this week. so the s&p 500 is in the green, as you mentioned, on the week. only by about 30 or 40 points, so it's not a big rally or an impressive reaction. but as you saw, there's been a lot of intraday swings and volatility it's a little bit unsettling, but the end result is positive as it pertains to the short term

gauges it does suggest we'll get a little upside followed through next week, but it doesn't make a comment in my work on the intermediate term setup and the possibility this corrective phase is over. >> and what is your view on that what are the key levels to look out for as to whether we are at the bottom end or whether we're going to retest those lows >> it's not even just about key levels, although we are watching 4200 on the s&p 500 as the first major support. unfortunately, below that, you get to about 3825 as secondary support. if we do see a breach of 4200, it's not to say we get to secondary support level. we look for a setup in indicators it's not a setup we can see in short term gauges but intermediate and long term gauges we want to see an intermediate reting and a reaction to that, so that improved momentum meaning buyers are finally stepping in in earnest, and tha

likely will take several weeks and putt us out into march, whic is a month that does seem to capture corrective lows. >> katie y wanted to ask you about apple because with the jump into the close, it closed up almost 7% today it's still off the highs, but back around, what, 2.7 trillion dollars in market cap. what do you see for that stock, the reaction to earnings, and what it might mean for tech more broadly? >> if we just looked at apple and not the rest of the market, we would feel good about things because apple is a heavyweight in the major indices and on its chart, it looks fine higher highs, higher lows. even the pullback that preceded the earnings announcement was pretty healthy in that it took it right into a former breakout point of about 1 gae57 in and of itself, apple looks pretty healthy it's nothing like we have seen in the major indices

however, when you go beyond apple and you look at the faang complex more broadly, you see a lot of digitary erasion, that might be difficult for those major indices to weather. we have breakdowns in facebook, amazon, even microsoft and google, which tend to trade in sync, look dwistributive. i think they're challenged by the setup in other mega caps >> what's your take on tesla that's one that didn't enjoy as much of a bounce over the course of the week indeed had a big slide yesterday. >> we have been watching tesla related to very important support around 900, and it closed well below that level today for a second day because it's such a major level, we like to see it down below there for more than a week for two friday closes below 900, that would be a major breakdown for tesla. there's some interim support that was tested today in the low

800s, but the targeted level from that breakdown would be the mid-600s by our measures we want a strong rebound out of tesla next week with this oversold condition that the market has on a short term basis. if we don't get it, tesla will look very broken in our work >> katie stockton, thank you for joining us have a good weekend. >> you too up next, eurasia group president ian bremmer joins us on the risk to the market from the increasing tension between russia and ukraine details of a new survey coming later on "closing bell."

thanks for coming. now when it comes to a financial plan this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab. schwab! look forward to planning with schwab.

well, would you look at that? jerry, you gotta see this. seen it. trust me, after 15 walks... gets a little old. i really should be retired by now. wish i'd invested when i had the chance... to the moon! ugh. unbelievable. the pursuit is on. the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes,

actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. tensions remaining high between russia and ukraine with a buildup of russian troops continuing near the border of the two countries. and a pentagon press briefing this afternoon, chairman of the joint chiefs of staff mark milley strongly encouraged russia to stand down this comes after russia's foreign minister reiterated he does not want a war with ukraine. president biden warning the possibility that moscow could invade its neighbor in february. joining us is ian bremmer, president and founder of the eurasia group. this after another report said

that the white house is briefing the biggest u.s. banks on potential sanctions against russia what do we expect to happen next >> well, we still have at least a couple weeks of diplomacy, i think. have a hard time imagining putin would consider major military incursion before the olympics, his trip to beijing to be with xi jinping china is his one major friend on the global stage, and he's not going to undermine and embarrass him. and diplomacy is still going on. we had reasonably productive conversations between macron and putin and more broadly the normandy footing, as it's called eight hours long with the russians i think we'll have some more engagement between the u.s. and russia, and the letter that was sent, there will be some russian response after putin dijusts it to a greater degree. to be clear, the biden administration is increasingly worried that the russians are set on an escalatory direction

that they are planning military strikes. if that happens, the impact on the markets is going to be pretty severe, no question >> when you say the markets, i mean, we have already seen natural gas prices go crazy, very sensitive to this idea of putin using russia's gas supply as a weapon here where else do you see spillover effects? >> well, give you an example i mean, since biden met with putin back in june in geneva, biden gave a red line to the russian president. he said don't you attack critical infrastructure with cyber. this was right after the colonial pipeline hit. or we're going to respond in kind the russians responded, and they have staupd. they actually stopped those criminal gangs from engaging in that activity. if suddenly there's war in ukraine and the americans are putting heavy sanctions on russia, they're not stopping that anymore that's an additional risk that comes out. you have a major attack on ukraine, odessa's i think one of the most important grain exporting ports in the world

it's certainly, you're going to have problems with that for at least the near term. how do we deal with that how do you have access i mean, the fact that we're talking about potential confrontation with a major power is this is not like afghanistan where it was a disaster, an embarrassment for the biden administration, but it really mattered to tens of millions of afghans. disaster for them, but for the rest of the world, six months later, we're not paying attention. this goes really badly, we're talking about this for years the knock-on effects of this could be very significant. >> ian, two things come to mind. one is why would putin have done all that he's done already if he wasn't intent on going further it would seem a huge amount of effort for nothing and secondly, does he have quite a lot of leeway because of the dissension in the ranks across europe, germany and france, not taking as tough of a position for obvious reasons, as the uk and the u.s. so yes, economic sanctions can hurt them, but if it's not a

united and very strong approach from all of the allies, is he going to weigh out that this is worth his while? >> wilf, the interesting thing is so far i think the response from nato has been quite unified. much more than putin probably would have been briefed on before he took the decision to escalate to begin with merkel is gone she was supposed to be the tough nut on sanctions and leading the minsk accords. macron is talk about strategic autonomy he was really anowed about the whole aukus fracas from the united states. and biden is focused on china. he got out of afghanistan. he seemed to be weaker yet, what we see right now is the united states leading nato with redeployments to the baltics and bulgaria and romania. we see the americans and europeans say if you invade, there's going to be economic hell to pay, and further more, we have the germans accepting behind the scenes at least and i

think they will say publicly in short order if there's any incursion, nord stream is done that's why olaf schultz has just accepting this trip to meet with biden on february 7th in washington i mean, schultz was a little squishy to begin with, but he's moved in a very different direction. so i think if you're putin right now, you look at nato and say, this is much more coherent than i expected and if you escalate further, it's probably going to be more cautious escalation. it's not a sudden invasion, to see if you can start to squeeze some of that allied cohesion away from each other that, i think, is a problem for them so far. >> where does all this leave china? because whenever you talk to investors and they start to worry about geopolitical concerns, on the list, you always hear china come up and taiwan and the u.s. versus china. so you mentioned that beijing is about to host their olympics of course, don't want this ukraine standoff to overshadow

that i would think. but where does this leave china in terms of the balance of power, especially if the u.s. is strengthening alliances with other countries in asia and europe over this issue with russia >> i have been pretty aligned with most of what the u.s. has been doing so far on russia/ukraine the one thing i would really disagree with president biden on so far is this decision to bring the russia/ukraine issue to the security council on monday the reason i don't like it is i don't want the americans doing anything that forces the chinese more on side with russia i think that's what's going to happen so far, the chinese haven't said very much about russia/ukraine and i suspect that if this becomes an international sort of let's shine a light on what a bad actor the russians are, the chinese are going to veto that with russia. and that's a problem for us. frankly. i do think that the russians, even though they don't trust the chinese, they feel like they don't have many friends on the

international stage, they have to align with china completely i expect if gas flows are cut off by russia to europe, i think the chinese are going to be buying a lot more energy from moscow i think technologically, these two countries will be aligned much morin a greater creation of a splinter net that unwinds and decouples the economy. i'm not worried about the chinese invading taiwan was the americans have made it clear they won't defend ukraine. we have said nothing of the sort to china, and china quite understands that on a broader geopolitical level, the level of russia and chinese engagement that's becoming strategic and more of an honest to god alliance is something that really should concern the americans long term. >> ian, great to see you as always thanks for joining us. up next, student loan debt on the rise, and some borrowers are questioning what's the value of going ahead with a student

loan we'll discuss that coming up plus, google, amazon, and facebook, those are just a few of the companies getting set for earnings next week we'll preview what to expect

throughout history i've observed markets shaped by the intentional and unforeseeable. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns. as a business owner, your bottom line is always top of mind. so start saving by switching to

the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable nationwide network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™ new year, new start. and now comcast business is making it easy to get going with the ready. set. save. sale. get started with fast and reliable internet and voice for $64.99 a month with a 2-year price guarantee. it's easy... with flexible installation and backing from an expert team, 24/7. and for even more value, ask how to get up to a $500 prepaid card. get a great deal for your business with the ready. set. save. sale today. comcast business. powering possibilities.

just seeing the compensation for 2021 cross for david solomon, the chairman and ceo of goldman sachs, coming out at $35 million in total that's the same as what james gorman at morgan stanley received, an stanley received $35 million jamie dimon at j.p. morgan chase came in at $34.5 million that seems to be the ballpark going rate for the ceos. a record year, of course, for goldman sachs and very strong share price performance you'd expect to be in that same ballpark as the others of course, worth noting that both dimon and j.p. morgan and solomon got special long-term rewards and dimon 50 million in the summer and solomon was 30 million in october and james gorman at morgan stanley did not get any. if you strip it out to just last

year's pay $35 million for solomon on the back of that record year. sara >> not too shabby. millions of americans, meanwhile have federal student debt and cnbc's latest survey shows some of them are questioning whether taking on that debt was actually worth it sharon epperson here with the new data sharon >> a very different story to tell here, sara. many borrowers are taking out student loans expecting higher education will lead to a better financial future, but the cnbc plus acorn student survey found half of borrowers, 54% say taking on that debt was not worth it kate had $100,000 in student debt after she got her masters degree and still owes over 30,000 >> i used to be really proud that i had a masters degree, but now it feels a little bit foolish. it feels like maybe i shouldn't have gone because it's really hard to put a price on what the

advantage has been >>. >> burnic, like many borrowers have had to put off financial goals and other findings from the survey show that once the government's pause on federal student loan payments ends in may one-third or more of borrowers say they'll have to pay off other loans and investing, saving for retirement or buying a home there's a much heavier cost to paying off student debt than paying off the loan balance. back to you. >> interesting >> whether it changes people's opinions or choices in terms of higher education that could be next sharon, thank you. sharon epperson. >> sure. up next, big tech is on deck with a huge week of earnings ahead and key metrics to watch from alphabet, amazon and meta when "closing bell" comes become different. oh, we can help with that. okay, imagine this.

your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee. yeah i should've just led with that. with at&t business. you can pick the best plan for each employee and get the best deals on every smart phone. what happens when we welcome change? you can pick the best plan for each employee we can make emergency medicine possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinking how we communicate to be more inclusive than ever. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change. faster. vmware. welcome change. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed.

indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq at cdw, we get your it staff yeah... oh. don'thas be ready it! to take on new challenges. that's why we built an office obstacle course ... to prepare our people for anything. you're late well, cdw amplified services experts will consult with you to design, orchestrate and manage your most complex technologies to help you quickly overcome any obstacle ... without all of this. oh, that is better. who's that?

oh, if you want coffee, you gotta get past tantrum. you're in for a brewed awakening. for technology that moves you forward, trust cdw amplified services weave got another big week for earnings ahead and big tech once again will be in focus. deirdre bossa joins us with what to expect from amazon and alphabet and julia boorstin with what to expect from meta

keck kick us off. >> typically the blockbuster holiday quarter expect revenue well north of $130 billion while profitability is more of a question how much are labor costs and higher shipping and freight costs playing out on the bottom line in the company's guidance, remember for operating income for this quarter was between zero and $3 billion. as always, key investors will continue to look for signs that those pressures are easing alphabet meanwhile, guidance also in focus. higher spending will have less to do with labor and more to do with growing its cloud and waymo autonomous driving units and one calls activision blizzard a wake-up call for big tech. for now, though, advertising at google and alphabet still the overwhelming core business and privacy changes and we'll be on the lookout for all of that. sarah? >> deirdre, thank you. alphabet off 12% off the highs

julia, what should we expect to hear from meta >> well, it's meta's first earnings since the company rebranded from facebook to focus on the metaverse for the first time meta will break out its apps from the reality division and that includes oculus from metaverse investments and they're curious for road map from making money from the new initiative and other key topics include how facebook is navigating apple's system limits to ad targeting and user engagement trends as well as growth of shopping initiatives. the growth is expected to slow to 19% while earnings per share are projected to drop 1% from the year-ago quarter the quarter is expected to suffer from those ad targeting challenges and supply chain constrained advertiser pulling back from the holiday season sara >> julia, thank you. besides big earnings, another thing to look out for next week the january jobs report comes out on friday. last hour we did ask the

national economic council director from the white house brian dyess about it, he said omicron can lead to confusion in the data he gave us a good preview. listen. >> if you think about omicron and january in terms of the number of people that were out sick, we do expect there to be real variations in the data. we're trying to look that, and the underlying question of what the impact of omicron is there's better news on that front and we saw moderation in the data that came out yesterday. i think we need to be prepared for january employment data that could look a little strange and that will reflect -- may reflect as much the way the sample accounts for people who are out of -- out of work on sick leave as opposed to more fundamental sch changes in layoffs in the labor market >> preparing us the markets, skies versus soft numbers out of their report for january no question we started to see

that in some of the economic data, but mike, i guess to dees's point, o necmicron is frm the health and economic perspective. the question is what kind of recovery will we see on the other end including pent-up demand when fiscal and monetary stimulus is going the other way. >> those are the questions and it's absolutely the case that we could see weakness the consensus for the non-farm payrolls are 170,000 or something like that. the past two reports you've missed by 200,000. so clearly, there are wall street folks saying it could be a negative number. in general we'll look through that right now the tightness is one of the few things that we're not debating for much in the economy, and it is a done deal and it will stay tight >> investors will also want to pay close attention to our exclusive interview with richmond fed president tom barkin at 3:00 p.m. monday, of

course the fed is in focus, guys and that is the key topic and the bengal which is is really what i'm watching i was going to change and i didn't have time with the serious talk, but go bengals. >> i'm supporting the 49ers with your husband n oh, no! >> we cannot have the bengals and the 49ers playing in the super bowl >> "fast money" picks up now if you lose, sara, you can say that's it for chinese newier you're the tiger new york city's times square this is "fast money. i'm melissa lee. tim seymour, steve grasso and charting the chips, the semis are sinking and the investor says buy this dip and what he sees is the big bounce we are gearing up for another week of earnings