i think there's also a confidence gap i think men are inclined because of our oversized egos sometimes to be a little more confident than we should be. >> or maybe take risks where we shouldn't sometimes. >> yes, dominic chu. an egoless man thanks for watching "power lunch. "closing bell" right now stocks are near session highs with the nasdaq leading the pack the most important hour of trading starts now welcome to "closing bell," everyone i'm sara eisen here's where we stand in the market 1% gain at least for the s&p, for the nasdaq, which as i said is leading, up 1 poi .3%. and small caps also rebound. the only sector lower in the s&p is energy. technology is the best performing sector. materials, communication services, health care. oil is weaker. bitcoin at a three-week high and treasuries slumping again. here are my top takeaways on today's biggest stories. is the economy really slowing

down it is the topic on wall street a tracker out today says expect 0.9% growth in the first quarter. and that is a mark down from a week ago we knew omicron hit us in q1, but it does make it harder to stage a full-fledged rebound for the rest of the year, especially with fed hikes and inflation >> the dramatic up and down moves in the market continue for stocks, so what comes next jim cramer spotlighting interesting technical analysis showing the s&p has successfully retraced 50% of its big decline in the last 21 times that's happened since the great depression, it's meant the decline is over. every single time. do you believe in chart history? >> and the metric to watch this earnings season, margins that will show how companies are being squeezed on higher costs from commodities to labor and who can pass it on to consumers. a cut forecast on kimberly

clark, danon sxerx unilever. let's get straight to our top story. stocks rally while allies meet in europe. the white house earlier announcing a new round of sanctions on russian elites and corporations joining us now, kayla tausche live in brussels with the president. cnbc senior markets commentator, mike santoli, and francisco blanch on the oil story. first, we heard from president biden. he wants to boot russia from g20. wants to convey a sense of unity among nato members what did they accomplish at this meeting? >> el, the u.s. this morning announced a series of new sanctions that essentially just put it in alignment with what europe and the uk had already done that is slapping sanctions on all 300 plus members of russia's law making body, the duma. sanctioning several state-owned defense companies in russia. and also the g7 taking a

coordinated action to keep russia from being able to evade sanctions by having its central bank pay for transactions in gold that will now be banned, a senior administration official estimated that russia had more than $100 billion of its central bank reserves stored in gold, so that cuts off a very large source of potential funding for president putin as this war becomes even more tprotracted at the pres conference this afternoon, president biden was asked about the fact sanctions so far have not deterred putin, and biden said the alliance is not willing to change course in a few weeks, in a few months he said it will be important to sustain this level of sanctions for the better part of this year, if not the entire year, to make sure that they get the actions from putin they want >> yeah, and francisco, the other message to come out of brussels has been a threat to putin or at least, you know,

strengthening the nato alliance in case putin uses biological, chemical, or nuclear warfare that is not a zero percent probability. how would the market react to any escalation like that >> well, look, i think the oil market obviously would be very concerned upon that escalation because the threat of sanctions on energy could potentially materialize if the conflict were to escalate. i think the direct consequence would be potentially some sanctions on energy, which as you know, europe has been avoiding so far because of the risks to the european economy and european consumers >> so what's priced in to oil at this point we're down 3.25% but still above $110 on the price of wti how long is the market expecting these russian barrels to be off line and what does it expect as far as potential further sanctions? >> well, i think the market is

pricing in a scenario which our baseline scenario, what we call the bad scenario, that we'll probably lose about a million barrels a day of russian supplies throughout this year. and also we're looking at potentially reallocation of russian barrels away from europe and the u.s. into india and china. that's what's been priced in i don't think the market is pricing in a major disruption beyond a million barrels a day there are scenarios which are ugly scenarios, which if supplies were to drop by 4 million barrels a day by russia, russia exports about 8 million barrels a day in a 100 million barrel a day market, we could see prices rising by 6% a barrel on top of current levels scratching $200 a barrel that would be a scenario where europe would be actively trying to block russian barrels into their economy. a difficult one to see, but the one that could happen under an

escalation of the war in ukraine. >> $200 per barrel, mike the possibilities here, and we're up another 1% on the s&p is the market underestimating how long this could last and how much worse it could get? because we have now wiped away most of the losses on the s&p since the war began. >> well up from when the actual invasion took place. i don't know that the market is underestimated i do know the market is not going to overanticipate the move to $200 a barrel unless the oil market actually shows a sign of getting there soon so i would look at today as a day when of all the things the market is concerned with, it asked are there fresh additional reasons to be worried today, either on the situation in ukraine, it seems like a short term equilibrium on oil yields are doing very much fed speak, we have absorbed the message. i feel as if what we're left with is investors having felt a little built off sides, a little underinvested with this huge surge that took place over six

days so they go back and buy the leaders of 2021, which is the big tech stocks. it's pretty much happening independent of the geopolitical story at least for today >> i would also note energy stocks are pretty much flat despite a 3% loss for oil. so holding up better than the commodity. thank you all for joining me >> after the break, we'll talk to nyse chair sharon bowen about her path to the top of the exchange and her outlook for the lagging ipo market this year >> dow is up about 248 points. you're watching "closing bell" on cnbc. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl.

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another rebound day here on wall street. s&p up 1% as we head to the close. every sector higher excerpt for energy the nasdaq in the lead up 1.5% joining us here at post 9, the new york stock exchange, is the chair of the new york stock exchange, sharon bowen she was a cftc commissioner, spent three decades practicing business wall and is the newly instated chairwoman. welcome. >> yes, welcome to my house. >> you joined here as chair at a pretty volatile time, in december this war has broken out. there's been a ton of volatility what has that been like witnessing the markets now from this front row >> so, the good news is this market is -- this exchange is built for volatility

and so i have been impressed with the resiliency of the market you're right, we had the most volatile days during the pandemic, now with the crisis in ukraine. so the good news is our markets are doing what they're supposed to do. >> we're not having any ipos though it's been a long stretch and it's been very quiet how do you bring companies back? what is the big fear >> 2019 and 2020 were pretty slow first quarters as well, and both of those years were record years for us you know, uncertain times means that companies will pause a bit before they come to market but the pipeline is really robust, so i think it's just more of a question of timing not just the war but also uncertainty around interest rates, inflation, that kind of volatility makes people pause for a moment >> i wonder if also the underperformance of the newly listed companies last year, we

had so many go public, and they haven't done all that well if that has held back the pipeline is that what you're hearing? >> i have not heard that, but you're right there has been some sell-off, particularly with some of the tech stocks. i think today some of them are rebounding so i think the market sentiment really has a big effect on whether the market is up or down >> you have -- you are the first person of color, woman of color to lead the new york stock exchange, chair the new york stock exchange it's something you talk about and you promote diversity. how are you in this role going to promote that within public companies? >> the good news is i get to find my passion with the financial markets with my passion for diversity and inclusion and esg. one thing i plan to do is use my platform to help our listed companies along their esg journeys not everyone is, you know, at the same pathway the other way we're helping is we founded the new york stock

exchange advisory board council. the purpose of that was to increase the number of women and diverse candidates who are board ready, so we found that was the best solution for companies, particularly listed companies who are looking for diversity on their boards >> what about what the nasdaq is doing, which is instituting a law now that the s.e.c. is backing where companies have to disclose gender and diversity of its board members and explain why if they don't have that. would the stock exchange, would the new york stock exchange go so far as to make a rule like that as well >> today, 95% of our companies already have at least two women on their boards and 88% have more than 20% women on their boards and so we found that our solutions driven approach was a more appropriate way to address diversity. although i do apply any type of activity that's going to promote diversity in the financial markets. >> on that note, you said you're focused on esg

i was wondering what you were thinking of the s.e.c.'s new proposal rule we got this week that would require companies to discloche carbon operations. is that a step too far to require that disclosure or do you spoerpt it >> we have a good relationship with the s.e.c., and i personally look forward to working with the commission and with our issuers and market participants there will be a two-month comment peerrperiod, at least to months that's what's great about our markets. we get the opportunity to hear from different people and different viewpoints i'm pretty sure we'll hear from different people on this subject as well. >> do you worry that a rules-based approach like this could dissuade companies from going public and increase their costs? >> you know, i think we have to see how this process works out again, i think that's the whole purpose of having a public comment period, is to weigh the pros and cons. and as a former regulator, i

always welcome collaboration and getting insights from those who would be affected. so i am really excited about the process that it will work. and i'm sure we'll get all kinds of input from the investing public as well >> the other thing i wanted to ask you, i notice the russian stock market, the exchange opened today, sort of, for the first time in weeks. and actually went up, but they have bans on short selling and all sorts of limits for selling. how does an exchange like that get back to any sort of normal is it possible >> you know, that's a really hard question really to kind of answer in that sense i know here, we did halt the three russian listed stocks, and we have a regulatory oversight ability to look at the markets, but it's kind of hard to gauge >> is there a threshold you could bring back the russian listed stocks here at the exchange >> we just halted the trading, and again, market regulation,

independent, we'll take a look at the facts and circumstances at the time to make that decision >> understood. sharon, thank you. good to talk to you. >> thank you so much for having me >> chair of the new york stock exchange a check of the markets here. we are moving higher 271 on the dow, near session highs. s&p a nice 1.1%. again, technology is in the lead it's up more than 2% materials also going strong. so you have a mix of tech, cyclical sectors, the banks are doing better today -year-old yields are rising again. black rock's larry fink warning the war in ukraine is ushering in the end of globalization. that call might be a little late mike santoli with a chart to explain why next and check out some of today's top searches tickers on cnbc.com ten-year yield back on top where it usually is. prices go down, yields go up nvidia rising again on the back of its investor day. look at that, a 9.3% rise. tesla holds its gains from earlier in the week, up another

1% or so the moscow exchange, as i mentioned, finishing higher today. although a lot of people think that's a charade and nikola, announcing production up 3.5% we'll be right back. ♪ ♪ connecting to opportunity is just part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪

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building on the gains, up 306 on the dow black rock ceo larry fink saying today the russia/ukraine war has put an end to globalization in a letter to shareholders mike santoli taking a closer look at why that call, mike, might be a little late >> well, it seems like deglobalization has been a theme for a little while, and this proxy for globalization, which is the amount of global trade relative to global gdp, it peaked before the global

financial crisis in '07-'08 and then the trump trade war and covid. this built on the idea wi might have seen the peak in this outsourcing arbitraging low labor costs around the world, looking to import things fair to argue that the ukraine war and the commodity disruptions and all of the supply chain stuff is accelerating the process, but i don't think the markets are caught blindsided by the idea. >> no, just highlighted. first covid and now this how dependent we are on places like russia and ukraine and china for supply chain i guess me question is what is the implication for global growth globalization was considered a boon for growth. >> right, a boon for growth. it was a force for disinflation around the world and arguably, productivity or at least efficiency in corporate operations right now, it's more about secure your own supplies, do things domestically, maybe pay higher wages, and essentially

have redundancy in the system as opposed to relying on far away suppliers to meet your needs >> takes time. like building semi-conductor plants here. up next, mike, thanks. bernstein's toni sacconaghi weighs in on a report that iphone is developing a subscription service, when "closing bell" comes back. session highs on the markets

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a subscription service for its iphones and other hardware products that's according to a new report this would be a further push into automatically recurring sales for the company, joining us now is toni sacconaghi, bernstein senior analyst covers apple toni, vintage 2016 toni sacconaghi note writes about apple doing, i think, hardware subscriptions a la netflix and spotify here it is, we dug it up apple as a service so they're finally listening to you, maybe according to a report. what would it mean for this company? >> well, thanks for having me on, sara look, you know, back in 2016, apple was trading at 11 times earnings and the knock on it was that it was a hardware company and it was cyclical, if you had a good iphone cycle, things would be

good if you had a bad one, things wouldn't be good to the company's credit, they built up a number of subscription and recurring services and products over the ensuing five or six years since then and now the stock is trading at 26 times earnings. so good on them. the issue is, can they take this further? and apple is still -- there are still investors who worry that there is hardware scyclicality o this so far this year, the iphone 13 is pretty good but clearly, there's a worry always that we could have a poor cycle and apple's earnings could suffer so if apple were able to convince more people to have a subscription and basically say you get an iphone, we give you a new one every two years. you pay a fixed amount maybe we throw in additional things like free apple tv plus or a discount on icloud.

i think that could go a long way to smoothing out the financial profile of the company and that's something that investors love more predictability and more consistency in terms of revenues and profits. >> so it would cause you to rethink your rating on the stock? i think you're at a market perform. where are you, around $170 where we are right now >> correct so look, we have talked in the past about how we would view a widespread and successful services offering as being something that could meaningfully boost the multiple of apple so we would certainly view that positively you know, the key questions, of course, are how broad can this offering be? i think when we thought about it in the past, the question is, could apple put together a really attractive bundle of a number of different things for a whole household? you know, households are used to paying $100 to $200 for cable service per month or paying

$200, $100 to $200 for internet access per month could apple put together a bundle where maybe there's a mac and there's an ipad and an iphone and icloud and there's apple tv plus and there's apple music. and i think the more that apple could put into that bundle, much like amazon prime does in terms of not only providing two-day free shipping but obviously having access to video and music. i think the more extensive and more compelling that bundle could be, the more attractive it would be so the devil's in the detail we'll see ultimately what apple does if they are able to successfully engage more people in a subscription type model, that's very good for the stock. it's very good for the multiple potentially. >> we have seen that in so many other stocks that as soon as they go to a subscription model and recurring revenue, it changes the whole multiple are you surprised to see how resilient apple's stock has been it's up now eight days in a row,

at a five-week high. it's outperformed pretty much all of faang and the nasdaq lately given some of the concerns around supply chain, with shenzhen and a covid lockdown, and demand from china, and everywhere else globally right now with inflation >> right great question, sara look, i think those are all considerations, but at the same time, more data is emerging that apple is having a pretty good iphone cycle that supply chain, while still a factor, is less of a factor than it has been over the last two quarters and in times of uncertainty, people move toward stocks where they have good visibility and when they have attractive cash flow, and apple fits that bill to a tee so it is an attractive in many investors' eyes, an attractive stock at this point in time. the big question ultimately is apple is riding high it had an incredible year last

year, operating profit dollars went from $68 billion to $110 billion, an enormous, enormous increase so the question is, did they effectively pull forward demand over ensuing years and can they keep it up for the next couple years? for right now, they're executing very well. and data points generally around the iphone cycle are good. >> up another almost 2% today. toni sacconaghi, thank you for joining us >> thanks for having me. >> here's where we stand overall in the markets we are near session highs as we head into the close. the dow is up almost a full percent. 317 points the only stocks lower are nike, home depot, chevron, and cisco every sector in the s&p 500 is higher right now technology leads the charge. hence the nasdaq is now almost 1.7% gain. wall street is buzzing about uber turning some foes into friends, and the stock is popping on that news >> and as we head to break, check out fertilizer stocks. mosaic and cf industries hitting

multi-year highs again today every single day these stocks hit new highs. russia the world's top fertilizer exporter, accounting for 23% of ammonia, 14% of uria, 10% of phosphate exports, and 21% of potash exports all going into fertilizer. prices are skyrocketing and the companies are feeling the impact we'll be right back.

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would get the same fare as uber drivers. while there's still some questions about the pay structure, the move stands to benefit uber in a big way. last year, the company acquired a taxi hailing app in hong kong, and according to their global mobility chief, 35% of people who started using the app to hail taxis went on to use other uber products like food delivery it's also a creative way around the labor shortage as the company just added a big number of drivers to its fleet. let's hope it also moderates the sky high fares that we as consumers are seeing uber shares are oun the news >> coming up, nvidia shares surging to the top of the s&p 500 today. up more than 9%, and more than 30% since last monday. we'll talk to a top analyst about what's pushing it higher that and more next in the market zone and a reminder, we have a podcast, you can listen to "closing bell" on the go by following the "closing bell" podcast on your favorite app the dow is up just about 300 points we're near session highs "closing bell" back in a moment.

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20 minutes until the close we're now in the "closing bell" market zone. cnbc senior markets commentator mike santoli here to break down the crucial moments of the trading day, plus matt ramsey on the chip rally barbara duran on the oversold tech names she is buying but first up, look at this rebound. a big sell-off yesterday and now we're climbing back again. currently near session highs gaining steam in the final hour of trade back to that old pattern, and energy is now higher which means every seconder in the market is higher some of the other standouts i mentioned the chips and technology software names, materials. basically anything tied to commodities except for oil

so steel, a lot of steel names higher today freeport, i mentioned the fertilizers as well. what is the narrative given we're seeing yields continue to rise and inflation and fed concerns continuing to be out there? >> yields continuing to rise, but really modestly today. not to new highs today's action in the s&p 500 almost exactly retaking what was lost yesterday the message to me is market is on firmer footing. last week's options expiration on friday cleared away a lot of the overhang, i think, that was causing some of the jumpiness day to day, and once you had an 8%, 10% rebound off the low, the market is going to be a little less twitchy i think we're benefitting from that and people are able to wade back in and say what stocks are still down a lot from the highs with the fundament story hasn't changed that much. you mentioned the chips, a lot of technology leaders in there all that stuff seems to be more

about people working under the assumption that maybe the market's fever has broken for now in which case we're still down 6% or 7% from the highs, but seemingly, you know, not as slippery under foot. >> just want to rip up the script for a minute and hit the pot stocks in the last few minutes, they have taken a leg higher, tilray, aurora, shooting up in the last few moments. some potential news out of washington, is that's what's moving the names >> it seems in the afternoon, yes, headlines about the house potentially taking up a proposal to decriminalize marijuana so this has been the story for a very, very long time everybody just focused intently in this area on the prospects for some action at the national level. now, nobody is, i don't think, saying there's somehow a clear path to a national legalization or a market opening up there, but i would point out if you look at -- >> done horribly. >> exactly, the mj etft looks

just like ark, like sports betting, like solar. it looks like a lot of the thematic buzzy groups in the market that really got wild to the upside in early 2021 and then have had a major comeuppance. it's coming from a depressed base >> we mentioned the chips. nvidia is now the best performer in the s&p 500 check out the van ex etf nvidia, amd, intel up 6% let's bring in cowen semi-conductor analyst, matt ramsey did these names just get beat up too hard >> thanks for having me on i think if is kind of interesting to look at the beginning of last week, we did a bunch of analysis and some of the best companies we cover, you mentioned a few, nvidia, amd, marvell, those groups since thanksgiving down about 30% while the earnings estimates for the out year went up about 10% we had basically the top companies in growth semis cut in

half from a valuation perspective. i think that's part of what we're seeing now, is that we had some events from nvidia earlier in the week to talk about. their long term growth profile investors realizing the long term growth stories have want been dented but the valuations have been. >> nvidia with a move today, up more than 9% you think that's a delayed reaction to the investor day what did we learn? what was the big takeaway? >> yeah, i think the big three takeaways that our team had from the investor day were, one, the really strong hardware position nvidia is in, they launched their new hopper gpu, which is important for all across their businesses, particularly data center they gave us some hints at expanding not just to gpus but into the cpu market with arm based cpus to dpus which come from the acquisition and offering a much, much broader and more diverse set of services to their data center customers,

and the biggest point from the analyst day, they laid out a trillion dollar tam, which take with a grain of salt, but -- >> total addressable market. >> a third of it was software, and investors really wanted to hear the early innings of the software strategy that they think they can monetize over the coming decades across services into the car, in their drive platform, the omniverse into their simulation platform, a bunch of enterprise features and over the air streaming gaming services that's a couple hundred,000 in revenue, and we forecast it out to strong growth, maybe up to 20% of the company, $30 billion business at the end of the decade so we got some bread crumbs to start modeling a software business that can be margin accretive and much more sustainable long term for nvidia that is leading in the hardware a.i. space today >> given the fact that it's getting into software and becoming more software like, what kind of valuation does it

deserve? trading about 50 times next year's earnings which is higher than some of the other competitors like amd, which has also done well what sort of valuation does nvidia deserve, and is it your favorite pick? >> it is our top pick as of last week the stock moved 30% in eight trading days so we're always re-evaluating this it's our top pick currently. i think as -- we model business out to 25% earnings growth give or take through the end of the decade, driven by all of their businesses and i think the market's assigning the valuation of a company that can take earnings off from $550 or so today toward $30 by the end of the decade and pricing in more of a compounder than something just on near term earnings power there's going to be a material premium assigned to the company and they earned it >> they're all working today, but nvidia is up 9%.

intel is up 6.6%, and monolithic power up 6%. thanks >> lots of news to hit in the ev space today. nikola shares seeing a pop on news it started production on its commercial truck this week remember, it had previously expected to begin full production in the second quarter. mizuho cutting the price target on rivian to $95 from $100, saying it could see significant manufacturing headwinds that would impact production ramps, and neo reporting after the bell analysts are expecting them to post a loss. let's bring in phil lebeau these stocks have had a rough start to the year. what are the analysts saying have they hit bottom >> i think it's too soon to say it's a definitive bottom primarily, because the supply chain, especially when it comes to things like semi-conductors, that's going to remain under pressure for some time so there's not a lot of certainty there, and remember, when it comes to the ev stocks, there are lot of questions that will be lingering this year

about the supply and the pricing of raw materials that go into making battery cells and battery packs, so encouraging news today, no doubt, but still too early to say it's a definitive bottom >> mike, what do you see in tesla's chart, which is rising again and holding its gains. it also outperformed yesterday in a down market >> you're seeing some of the kind of adrenaline stocks start to move again. i see that's part of it, no doubt about it tesla has some good cover stories going for it, obviously. when it seems like the proposition for owning an ev looks a little incrementally better relative to internal combustion given where fuel prices are, but it's amusing that tesla can get a bump when it says it's going to build a plant in germany, then it builds a plant in germany, breaks ground, then it says we're starting to produce cars and one rolls off the line, they get credit each time that just shows you the big picture story is still in control. and the stock did not really go down to serious lows

it's bottomed twice in the $700s so it seems like it's more game on as opposed to people having a particularly fine tuned projection on exactly where its market share is going in the next year or two >> phil, where does tesla stand versus the competition some of the smaller ones like a nikola which we mentioned or rivian or some of the ford and gms when it comes to accessing the materials and the battery materials that it needs to make these cars and meet demand >> they're far ahead of the competition when it comes to the supply chain and they have shown that look what happened when the supply chain was stressed because of semi-conductors it hit the others much faster than tesla because they were very nimble and they made the adjustments there. when you talk with people in the industry about the ev supply chain, tesla is ranked almost always near the top in terms of having it under control better than others. >> phil lebeau, thank you. >> want to point out beyond

meat, it's been volatile in today's session. a pair of headlines moving the stock. first, the company announced it has partnered with the chinese company, pinduoduo to launch an online store on the chinese e-commerce giant's grocery platform they had previously made deals with jd.com and tmal as demand for vegan goods in china grows and separately, beyond meat's stock was under pressure after btig put out a note saying channel checks indicate the sales of the mcplant offering at mcdonald's have underperformed what franchisees were expecting. the stock is actually a pretty ugly chart if you zoom out and look over the last few years and there's some real questions about whether it's been a fad, because everything in grocery worked so well during covid, and now that we're coming out, a lot of those food sales are still elevated beyond meat, not so much >> no, and whether or not the plant-based meat substitutes are a fad, probably not. i think that's always going to

be an item in every, you know, grocery case the issue is, the stock, which traded above $230 at one point, you know, two and a half years ago, had almost all, i said at the time, all the enthusiasm for the entire seconder was running through this one ticker because there weren't other options as a peer play. then there's been just a series of maybe they can't figure out production their costs are going up, even as those for animal protein are going up, and it's not that much of a kind of immediate gratification of sales growth and a path toward real profitable sales growth. so that's been the issue it isn't necessarily that people have tried it and turned away from it. it's that it got too much credit initially for how big it was going to become. >> it's down 25% this year they got a pop earlier when they announced the new jerky product, which was a joint venture between pepsi and beyond meat. i wonder, we're past the point where they're rallying off the news and it feels like we were at a point where every time they made a deal with a big cpg

company or a restaurant, the talk rallied now it's the proof of how these partnerships are going in terms of sales because i know there was reports about dunkin' being underwhelming and now mcdonald's where feel like we have gotten past the headline excitement >> the company has done really nothing but a constant stream of marketing partnerships and announcements. and what is it, you know, it's still a few billion dollar market cap it's not like it's some tiny insignificant company. but yeah, you need to see results, and people get tired of waiting. it's three years as a public company at this point. and you know, we have moved on to other kind of buzzy sounding consumer products. >> stocks, i just want to point out, are at session highs. we continue to build on the gains throughout the final hour of trade let's bring in barbara duran, cio at bda partners. you have been adding to some beaten down tech positions tell us what you have been buying >> thanks. i have been adding actually

since february we know the reasons for the sell-off things were oversold you had people worried about the ukraine situation, inflation, which is peak inflation, what the fed is doing, and of course, since the fed eased we have been moving in. when you look at the individual names, you had amazon, microsoft, alphabet, nvidia was just talked about. it was down almost 30% and these other names were down in the high teens. and yes, it was a pe revaluation because we know forward earnings get discounted when interest rates go up, but it was way overdone they go into big growing secular markets and that has not changed. to me, these were ideal opportunities to add, particularly nvidia, which you have seen what's happened since. it's back beyond the start of the year high. but that is exactly why, and i also added a few reopening plays and i had talked about uber another time or booking holdings, which is an online travel play. and i also wanted a good

defensive health care play, which is a core holding but i wanted to add to it because that also was down 10% and that's united health care that's a solid core holding your don't get many opportunities to add that cheaper than it currently is >> are you not afraid of the fed going all in on the inflation fight? potentially 50 basis points of hikes at the upcoming meetings, a hike at every meeting, the trimming of the balance sheet, all of the things it's planning to do which could pressure growth and valuations? >> yeah, well, you know what, it's already in the stocks, and we see how the market is behaving this is well known in fact, it was leading up to the fed meeting where people thought the fed has to raise rates, has to raise rates. thanthy announced they were and the market started to take off i think this has been more than discounted in the stocks we have six maybe hikes ahead. that could slow things down a little bit, although this is a bit different. in the past, consumers had a lot more debt and they were borrowing. they still have excess savings

i think where dhinchs could be at least for the short term is in housing because you have seen mortgage rates go up 100 bips that could cause a stutter step and we have seen that in the refinancing, et cetera, but we should also remember there, there was a housing boom when mortgage rates, the 30-year was at 6%. so i think the consumer is going to keep spending i think these companies are going to thrive. and we have seen this for the last couple years. these names are great sources of profit taking, and you rotate into other names this time, it's been energy, it's been metals so it's been the cybersecurity so people have come back to fantastic long term stories. >> every sector higher now in the s&p 500. technology in the lead led by the chips materials doing very well. tied to commodities. you mentioned cybersecurity. those stocks have held up well think you're trimming your positions there, though. why now? just as we're getting all sorts of threats from the white house that cyberattacks are coming

from russia? >> you hate the trim and see it go up higher, but it's just a risk management. i have owned palo alto for some time, and it was getting to be a very high percentage in some portfolios so that was why i thought this was a great time to trim, because the stock will come back down to earth. maybe we can go higher, but it's a bit aheof itself at this moment so but i'm very content. i have large core holdings in this but it will not stay here. >> i wanted to hit it again because the nasdaq 100 is zooming here up 2%. it's still 12% off of its highs, but it has made up a lot of ground now down about 9.5% for the year, so the charts looking a lot better you mentioned you were buying some of the biggest market cap stocks the faang names. anything else? because some of these other tech names have been just slammed way harder than the mega caps, down 30%, 40%, 50% off their highs.

would you go to anything beyond the biggest of the tech companies? >> well, sara, the problem is, and as mike mentioned earlier, we have seen maybe more of a froth situation, but a lot of the names which i have owned and bought badly like the docusigns of the world, have great businesses but it's really a question of valuation. a lot of the smaller names aren't yet profitable. so it's actually on my list to really look, take a hard look at the names, but it's been tough in this market to have these smaller names that maybe aren't as profitable and don't have as long a runway as performance >> yeah, proxy for that ark innovation up about .7%. barbara, thank you always good to hear what you're up to in your portfolio. less than two minutes to go in the trading day. mike what do you see in the internal snz. >> pretty strong 2 to 1, which is solid, although slightly underperforming the magnitude of the index gain, which is now almost 1.4% on the s&p, because mega cap growth is

outperforming and flattering the indexes a bit. barb mentioned home builders look at the home builder index, no relief for that group today we can talk about how the supply and demand is going to be resilient and how these guys are in good shape, but higher rates still having its effect, and people not really confident they can finish as many homes as they can sell, so underperforming commercial real estate the volatility index play along. down another 2 points to 21. a profound spike on that chart, so it is positive, down toward 20 and we're talking about the normal change as we sit here roughly 5% or so below the record highs in the index. >> it is amazing, that financial conditions are easing just as jay powell is trying to tighten them take a look at where we are less than one minute to go before the close. a 1% gain on the dow talking 350 points it's been a solid build through the final hour of trade. who is contributing the most barbara duran's united health care adding 70 points. microsoft, apple, mcdonald's all

adding to the gains. s&p 500, every sector higher as we go into the close up 1.4%. technology is in the lead, up 2.7% the chips taking center stage. materials, communication services, health care, all doing well today the nasdaq going out with the biggest gain of the major averages nasdaq 100 up 2.2% on the close, and the nasdaq up 2% that does it for me on "closing bell." i'll send it into overtime with scott. >> what a day, thanks so much. welcome to "overtime." i'm scott wapner you heard the bells. we're just getting started right here wrirb in just a few minutes, i'll spike with an investor called by one wall street publication one of tomorrow's titans. can't wait for that. we begin with our talk of the tape the question right now that is how much staying power this rally actually has for that answer, we welcome in the wharton school's jeremy siegel good to see you again, professor. welcome to our new progr