cnbc.com/stockdraft and at cnbc.com/stockdraftchallenge you can play a very, of our game and compete for prizes. >> thanks to everybody for participating. to aur all of our teams, to jim and melissa and thanks to everybody for watching. >> "closing bell" starts right now. hard to top that, so good, so entertaining, guys. call it the ryan reynolds rally. stocks are surging on another choppy session here on wall street we are at the highs of theday. will the rally hold into the close? the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen take a look and where we stand in the market, up 600 opponents on the dow the s&p is up 2.7% the nasdaq really climbing back today, 3.3%. we're now positive for the week after all that small caps up 2%

check out the most actively traded names this hour here at the new york stock exchange. tells you a lot about the mood right now. we've got ford number one, probably because ryan reynolds picked it in his second pick teladoc getting slammed, down 41%, that's why the ark innovation funding is red. nokia, at&t and nio, high volumes on all of those names. coming up, michelle buck whose stuck has been a stealth winner, we'll talk about today's earnings results, what she sees in terms of consumer spending and of course inflation. plus heather boushey will join us from the white house with their response to today's unexpected gdp contraction whether or not it signals a looming recession. let's get straight to our top story. meta surging on earnings sending the nasdaq sharply higher. do those results mark an all-clear moment for the group joining us is barbara durant,

and ygal barbara, you were buying meta into the earnings results. it's still down 38% this year so we'll put it in context, but nice move. >> i have owned facebook in all the accounts i manage for a long time when you are down 900 points, then monday and tuesday and everything is getting sold, it tells me there are opportunities everywhere so i bought on the opening yesterday morning. the downside is limited from here dangerous going into earnings given their last earnings. users were down. you talk all those costs people weren't expecting. but the risk/reward in a 13 pe and down so much on the year it's probably not a bad risk to take so i did add and thank goodness. my stock pick was rewarded there. >> did you agree it wasn't a perfect quarter. yes, we did see user growth, but

revenues were amiss and it's the slowest growth we've seen from facebook in a while. >> yeah, it wasn't a perfect quarter at all what we saw was it was bad but not as bad as people feared and certainly could have been worse. it did feel a little bit like a clearing event for meta and for facebook the macro is impacting everyone so that's going to bethere and linger on at least a couple of quarters what we also saw is some of the biggest factors that weighed on them last quarter, like the sequential decline in user growth and competition from tiktok as well as pressures from apple's privacy initiatives, they didn't get much better but didn't get worse i think that's what expectations were headed into the prints, that they would get worse or that's what their fears were and that's not what happened so i think that's why shares are reacting the way that they are today. >> but you're still on neutral for the stock.

why? >> yeah, we're still on neutral. some of those things got answered i don't think competition from tiktok is going away certainly the risks from idfa and apple are better understood and that's a good check mark for the stock. there are still some big mac row risks and i think there's a lot of uncertainty in the macro and that can pressure shares potentially in the coming months and quarters so that's worth keeping an eye on. >> we've seen that as a theme for alphabet as well, for snap but barbara, you've been buying a lot of these names amazon and apple after the close today. i think you've been nibbling there, even though you've owned these stocks for a while >> i have. i think ygal is right about the macro uncertainty. i think we have had nothing but volatility since the start of the year every month big drawdowns. when we had moments like this last week, then i would add but the volatility is not over until

we see peak inflation numbers. right now the fed is still driving the market they have made it clear their focus is to tame inflation even though a lot is in the market at this point, until we have better visibility and the ukraine situation is not helpful, i think we will continue to see volatility so these stocks could come right back but i think buying in here, i think you are pretty much at the lows if you're an investor, you look at a year out. a lot of these companies, this digital transformation is real and lasting. i think what these earnings are showing, aside from netflix which has particular problems in terms of competition, they are here for the duration, still the leaders and still doing quite well. >> so are you saying, barbara, i just wanting to clarify. for tech to really work as a group, for this group to work again and see any leadership, we need to have seen inflation peaked is that the direct tie

>> i think so. we know the higher inflation and higher interest rates go, the more we have to discount future earnings but i think we're pretty close to that. so the risk/reward these stocks have gotten, there's been a major repricing, major reset and in some cases a bit oversold so i think the risk/reward here is good. so pick your moments >> got it. ygal if that is the case, which one of all the names that you cover within digital ads do you like the best in terms of risk and reward you've got your pick the valuations have come down. >> valuations have come down and there are plenty of things to pick from. within digital ads, it's still got to be google what alphabet and google have done with the search business has just really been phenomenal. they created a product that was great to begin with an really improved on. you've got the cloud business which is even less exposed to

the macro than the advertising piece. that gives them a good backstop. the cloud space has been doing really well. you saw that in microsoft's results as well. expecting we'll see that in amazon today as well cloud bolsters that ad business. i think it puts google in the best spot. >> getting bought today. ygal, barbara, thank you for joining us appreciate it. >> thank you. take a look at the market. we are zooming higher right now. 718 points on the dow. the s&p up 2.8%. that is making for its best day since may 2020 yes, we've had a lot of the worst days since back in 2020 but today is a big comeback moment we are now higher for the week we've got much more throughout the show for you. up next, hershey has been a stealth winner all year long, up 17% in 2022. climbing again today on the back of strong earnings we'll talk to the ceo, michelle

buck, about whether inflation will take a bite out of the future results and the economy e you're watching "closing bell" on cnbc. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create

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big rally day. s&p up 2.8%. check out today's stealth mover, it's ptc inc., a software and services company which deals in ar, computer-aided design and the internet of things it is at the very top of the s&p 500 after earnings and revenue handily beat estimates, guidance strong as well it's been an outperformer pretty much all year. today at the top besting meta and paypal, both which are big

losers this year look at shares of hershey. the stock at all-time highs after announcing an earnings beat and raising its guidance. it's been an outperformer up 17% for the year the consumer staples sector up 3% joining us is hershey's ceo, michele buck good to see you. >> thank you, great to see you too. >> what stood out most in this report is that you raised earnings guidance which we have not seen from the food and beverage industry. what gives you the confidence in this environment with costs so high to do that? >> well, i think it started with the tremendous strength we had in q1 with sales up 16% that was just a really strong start to the year we didn't see as great a price elasticity on the business as we had anticipated. strong demand across our u.s. confection business, international and our snacking

business. >> so you didn't see strong elasticity, which is what we're seeing, the consumer is absorbing these higher prices. how much does that last? where does that go from here there's got to be a point where the consumer pushes back, especially if we slow down. >> you know, on a daily basis we really work hard to balance value for our consumers, our customers, our employees and our shareholders and confection and snacking as a category has always been a place that's pretty accessible, somewhat of an affordable luxury we've worked hard to make sure we keep it that way. so we have about 25% of our portfolio at retail price points of $2 or less. that really enables any consumer, all consumers to participate in the category, even during inflationary times >> we're taking a look at your portfolio right now which is vast i know you said confectionary, the sweets are what really works. there was also double-digit

growth in skinny pop and pirates booty as well. what changes are you seeing from consumers as we go out and travel again i know you were on top of it during the pandemic shifting to s'mores as everybody was home. what are you seeing now? >> we're seeing a blend of mobility where our instant consumables and convenience store business are thriving and also seeing those at-home occasions. i think consumers are really connecting with the brands that they love that give them comfort over time. we've continued to expand our businesses into new packaging types that allow us to play at different occasions. so we've got small bags and small units across snacking for mobility and then the bigger consumption for at-home snacking we also have had a huge opportunity to expand distribution and household penetration, particularly on our salty snacking businesses, skinny pop and dot's pretzels, which is on fire

>> mi chele, what is happening on the other side. you have to pay for oils and dairy and packaging. what's the outlook there >> we're navigating this inflationary environment where we've seen the biggest impact of cost in our business is where we either can't or don't hedge. specifically for us that's been around dairy, oils in particular, and the ukraine situation has exacerbated that with cooking oils. also with packaging and logistics costs driven by overall oil prices >> is it getting worse >> i'd say it took a step worse with the ukraine/russia situation clearly. and i think as that has broader impacts in other markets, i think there will be some continued pressure there >> got it. michele buck, we appreciate you coming on to talk about all of it. >> thanks very much. >> ceo of hershey's which is up

another 2% today. let's check in on the market right now. very strong and very broad rally. best day we're looking at since may 2020 for the s&p the dow rallying by almost 700 points the nasdaq up 3.3% nasdaq 100 up even more than that, almost 4%. coming up, the latest read on investor sentiment just out and it's a doozy mike santoli here to break down this is dashboard next. check out some of the top search tickers or cnbc.com meta leads the charge, unseating the 10-year yield. meta is up 18% off of earnings we've got tesla, tedk elocand apple with results after th he b bell we'll be right back. over 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!

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nice comeback rally today. the dow is up more than 700 points right now but april is still shaping up to be a volatile and down month for stocks the s&p 500 is on track for its

worst month since march 2020 mike santoli, the ryan reynolds of "closing bell" -- >> i don't even know what the implications of that is. >> it's good. >> is the real gen x those who think ryan reynolds is more famous than david robinson or those like me who think david robinson is more famous than ryan reynolds? >> i'm a fan of his. it's all about him today mike, tell us about sentiment. >> it's pretty depressed that partially explains why the market was primed to have this kind of upside jolt like we got today. in fact historically negative. the american association of individual investors weekly poll, we track it a lot. less than 20% saying they were bullish. here's the difference between bulls and bears. the only time or the last time we were this low was basically at the march 2009 lows of the market so clearly it's a contrarian

indicator at extremes. we can explain it away partially and say it's not a scientific poll we can say in general that it just coincides with the market being weak i would argue the s&p 500 has only been down 13%, it's nothing like march 2009. obviously inflation hurts. obviously bonds being weak at the same time stocks are wears on sentiment the forward implications tend to be positive for stocks when you get to this point. >> can i tell you i'm a little disappointed i think the dashboard today should be on the dollar/yen. i think we need to hit the dollar/yen today because huge news overnight the bank of japan basically reaffirmed its commitment to low interest rates, buying bonds, easing, and a weaker yen guess what, that gave traders the green light to keep selling the yen. it reached $1.30 u.s. dollar to japanese yen we haven't seen this since 2002. it is a dramatic weakening of the currency and we cannot go to japan

because of so many travel restrictions because of covid. >> not helping consumers or travelers. the dollar is turbo charged from multiple directions as we said yesterday. obviously euro, against the chinese currency too a weak yen normally is like green light for risk taking. it's happening for different reasons this time. it's a little more complicated interpretation than just people are looking for risk. >> well, people like a weaker yen. whenever you have a currency move so far so fast then it sets off alarm bells. the question is, is this a canary in the coal mine for other emerging markets currencies the fed is embarking on a really aggressive for them and for the rest of the world tightening cycle and that drives money into the u.s., money into the u.s. dollar we've started to see the impact of that in earnings. >> that's all true historically when the tightening cycle actually gets going, in

other words, the dollar strengthens into the beginning of it. we'll see if it looks a little overbought and get some relief there. >> it is tightening financial conditions thank you for the double dashboard, you did it. ryan reynolds, mike santoli blushing. he hasn't completed his acquisition of twitter yet, but elon musk may be eyeing his next takeover target and this might be a bridge too far even for the world's richest person that's next.

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what is wall streetbuzzing about? what is elon musk going to buy next even he's joking about it, tweeting next i'm buying coca-cola to put the cocaine back in. remember, originally coke was invented in 1885 and the original formula did have cocaine, meant to cure ail meants it was legal and common but got phased out of the drink around the turn of the century. even if musk was serious about buying coke, he couldn't afford it coke's market cap is $285 billion. that's before any acquisition premium. the stock is near all-time highs. as a defensive pralay in a volatile environment, it's turned around the business musk may be the richest man in the world but that fortune

stands at $253 billion and he's just committed $21 billion in cash for his $44 billion takeover of twitter. also warren buffett's berkshire hathaway owns about 9% of coca-cola. also as mike santoli flagged to me, the political and investor backlash would be huge state pension fund owners of the stock would complain, likely a political mess in every state where coke operates. i reached out to coca-cola for comment. no response. i don't think they want to justify it with a response as unlikely as it is, and it may be, many are pointing to musk joking about buying twitter back in 2017 and in exchange, where else on twitter, elon said i love twitter and somebody responded you should buy it. to which elon said how much is it not such a joke. coca-cola shares up again today. here's where we standing on the markets. higher across the board. s&p is up almost 3%.

look at the nasdaq roaring back, up 3.5%. best days for the market here since 2020 small caps joining the party, up 2.3%, rallying off a slew of earnings like meta and paypal at the top of the market. also got a negative print on gdp. up next heather boushey will join us to talk about whether that unexpected economic contraction is a signal of recession on thehorizon. and you can listen to "closing bell" on the go by listening to the "closing bell" podcast. the dow is up 730 points contact results in rapid heart rate. shortness of breath. and a tingling in the extremities. serious thrills may occur. the all-electric amg eqs.

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1.4% in the first quarter. that was below analysts expectations the commerce department saying the decline reflects a decrease in private inventory investment, exports and federal and local government spending. joining us first is heather boushey. it's great to have you back on the show so it's not a reflection poorly on the consumer, that is still going strong, but it was a big surprise to see a negative ahead of that number how worrisome is that to you >> well, here's the thing. at the council of economic advisers we try not to make too big of a deal about any one number we want to look under the hood and look at the context. when you do that with this data, there is a lot of strength that is underpinning that negative number, that 1.4%. first off, we did see strong consumer spending. consumer spending is 70% of the u.s. economy so that 2.7% increase in consumer spending certainly an indicator of strength we also saw over a 9% increase in business investment alongside

an increase in residential investment as well we know from prior economic research and indeed from earlier council of economic advisers teams that when those indicators go up, consumer spending and real investment, that actually is more indicative of what growth is going to be in the months and quarters to come. so that is certainly good news that that's a sign of strength of course we see that in other parts of the economy we have this very strong labor market unemployment 3.6%. 17 states have unemployment rates at historic lows or tied so you can see that strength reflected in some of these underlying numbers underneath that headline negative number. >> i get that. but it also shows you that trade is an important part of our economy and that exports were a big subtraction here on growth the problem, heather, is that the dollar continues to strengthen which hurts our exports and global growth continues to weaken with all of these uncertainties, so how problematic is that for u.s.

growth >> certainly that was a number that was more of a drag on growth than forecasters had expected but one of the other things about last year is that in 2021 we added 365,000 jobs in manufacturing in the united states, the fastest growth in manufacturing in about three decades. so there are also signs of strength there in u.s. manufacturing. and of course we know that coming out of this historic pandemic, the united states has had stronger growth. we have the stronger consumer, stronger household balance sheets than other companies and that is reflected in this number the american consumer is buying a lot of stuff other consumers aren't ready because of the ongoing challenges with the supply chains and the pandemic. so i think when you put those together, it's certainly something that we're going to keep watching but it is not in and of itself an indicator of something quite dire. >> is the dollar getting too

strong for comfort here if you look at the effect on exports and earnings we've been hitting multi-year highs against a number of major trading partners. >> certainly that is always an issue when you're thinking about trade. and of course given the challenges in the global environment right now and the uncertainties, it is not surprising to see the strength in the dollar. but again, we are focused on the core strengths of the u.s. economy. where are those, where do we see them and i think this report today does show that that strong business investment, that strong consumer really can help us propelling forward let me add one other statistic today from a new white house report that documents how last year we saw more small business startups in america than any point on record, a 20% increase than the year before so these are other signs of resiliency and domestic strength. >> it's good news, but something that investors are worried about here, heather, is that the fed is about to embark on a pretty

aggressive tightening cycle. yes, they have already started, they went small and now they're expected to go bigger to fight this inflationary problem that we have. so i guess the question is has the fed ever embarked on a tightening cycle like that with negative economic growth and what happens >> well, here's the thing. i will leave the fed's decisions to the fed we do not comment on fed policy. but they will look at all the data and assess the ongoing strengths and weaknesses of the u.s. economy and their role in fighting inflation one of the things we've known is recovering from a historic pandemic is never going to be easy and we had a big hole to dig out of one of the things to see if you look year over year, growth is 3.5, 3.6% higher than it was last year so that is still a sign of ongoing strength even though we have this quarter decline. that is because we've been digging ourselves out of this pandemic and trying to find the right pace and speed to do that. so i leave it to the fed again

to make those decisions, but there's a lot of new data for them to consider today. >> yep, they have got a decision next week. heather, thank you for joining us from the white house today. >> thank you. >> appreciate it look at teledock. a countdown to earnings from apple, amazon and intel. the dow is up ouabt 660 points or so. we'll be right back. he last thing on my mind. hey mom, can i go play video games? sure! ...after homework. thankfully, voya provides comprehensive solutions, and shows me how to get the most out of my workplace benefits. what's the wi-fi password again? here... you... go. cool, thanks. no problem. voya helps me feel like i got it all under control. because i do. oh, she is good. voya. well planned. well invested. well protected. c'mon caleb, you got this! and if you don't, there are other options!

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meta's big comeback day. stacy rascon stocks are near session highs, all 11 sectors are in the green. the nasdaq is really coming back, up 3.3% and the difference, mike, today, we've seen some other rally attempts this week like yesterday and that did not hold. this one appears to hold its earnings because you're seeing meta and paypal at the top of the market, i do wonder if that negative gdp number is working its way in, in some way, to the idea that maybe inflation is peaking, maybe the fed can't be as aggressive as it originally expected. what do you think? is that changing expectations? >> i don't know. it's not evident if you look at the bond market where it would be very sensitive to that. one thing i would be very accepting of is the idea that the negative real gdp printout at the headline level did nothing to cause the market to break down below the recent lows, which have been scraping right along the bottom of this trading range. so you mentioned the failed

rally yesterday. it's almost as if they have to have all these kind of gears slipping on previous rallies, people lose an expectation we're going to be up the s&p was down 8% just about for the month coming into today. that usually just means you're going to get a little mechanical buying what we are right now is basically going back to monday's closing level on the s&p, so it's the start of something perhaps. but certainly didn't decide anything in a final way. >> and we didn't break below the march closing low. >> that's right. >> right how important is that? as we look at an s&p which is unbelievably now higher for the week heading into friday >> it enables you to continue to treat this as a volatile trading range market for now it's subject to change people will tell you it's in an underlying downtrend maybe so, but so far this whole area -- once a month we visited this general vicinity and the market hasn't yet busted below

it obviously the last time in january earnings season it was on the friday, we finally got clear of all the big tech earnings and the market was able to have a fairly decent bounce you had a 7% bounce off this level, a 10% bounce off this level and guess what, they didn't hold either so that's what a trading range feels and looks like. >> you've got a travel theme, s stay-at-home theme there is a bust and that is teladoc after the company had lower than expected revenue guidance cathie wood had taken a big bet on teladoc, the third largest holding in her ark innovation etf. that's why the etf is down today. shopify, doordash, zoom, they're all rallying today, mike they have all been beaten up hard what do you make of the divergence >> yeah.

with teladoc, there was such a big radical downscaling of revenue expectations and everybody piled on. so this is a give up trade the rest of the stocks have been beaten up so much that essentially the market is getting a lift people are obviously getting chased out of some short positions. i would point out, speaking of the ark funds, tesla is also marginally down on the day and was down more earlier so that is contributing right there the teladoc numbers, one strand is interesting and it's been an emerging theme how expensive it is to advertise digitally. to acquire customers through digital ads. and prices are just higher so all these companies burning a lot of the capital they have raised in that way it's just a lot lower return to do that. so i think people are on the hunt for other companies in that general category. >> you mentioned tesla is down twitter is up 1.2% but still

below $50 a share and moved a little bit farther away yesterday from that $54.20 that elon musk's takeover bid is. more on that soon. meta is the biggest winner october s&p 500 after reporting better than expected earnings. thanks to the rebound of daily active users average revenue per user was better than they were expecting. however, they did miss on sales and monthly user expectations. julia boorstin joins us. julia, meta did miss on several counts what are the factors that are making the stock soar right now? it's a big move, but still down a lot for the year. >> yeah, it's a big move, especially if you consider, sara, looking at the second quarter and meta's guidance for the second quarter, at the bottom end of the guidance a, they could have lower revenue than they did last year. i think the reason we're seeing the stock up so much is reaccelerating daily active user

growth it hurt the stock that daily active users declined last quarter. also the conversation about reels is responsible for 20% of the time people are spending on these apps massive potential for monetization and they are not making much money from that time spent yet, so potential in the future i think investors like the fact that mark zuckerberg is more cautious about spending on the big, long-term bets. because their revenue growth has slowed, they are going to be pulling back their near term investments in these long term bets and things such as the metaverse. sara. >> i was going to ask you about that i guess wall street would take that as a positive, especially while growth is slowing. on the other hand, this stock is such a transition play they rebranded as meta, focusing on the metaverse what stood out to me, another number which is 97.5%. that's how much of their revenue is from their apps, facebook,

instagram, whatsapp. that's the whole business here so how are investors viewing the whole metaverse and the transition as a play on the stock? >> well, i think that -- yeah, i think it was interesting hearing mark zuckerberg sound kind of practical. he said, look, we're investing these long-term projects for 2030 but it is a 2030 play and in the meantime they're going to try to generate more revenue through things like reels. trying to make sure that they are continuing to adapt to these apple operating system changes they talked about regulatory challenges, but not focusing on the 2030 numbers so much so because they understand that their revenue is not growing fast they might actually have declining revenue next quarter so they need to be more magmatic if you look at the stock, up 18%. >> another pivot for facebook as it's done in history julia, before you go, i want to ask you about snap which is also jumping. the company had its annual partner summit what is the news here?

>> a number of pieces of news. snap announcing 20% growth in monthly active users in the past year to 600 million. also announcing that over 2.5 million augmented reality lenses have been viewed over 5 trillion times. this as the company reveals a new lens cloud those are free back-end services for ar developers. new tools to make it easy for brands to create ar shopping lenses and ads more than 250 million snapchaters have engaged in ar shopping in the last year or so. the company unveiling this flying camera called the pixie it captures photos and videos and it starts -- the cost starts at $230. it's an add-on cost as well. it's partnering with livenation to bring augmented reality to concerts i will be interviewing the snap ceo tomorrow, exclusively in

"tech check. sara. >> looking forward to that interview. i feel like that's a safety hazard, the whole flying camera. i guess that's why they advertise it outside julia boorstin intel is rising today as well the stock is down about 9% in 2022 but outperforming the broader semi sector. joining us now, stacy rascon stacy, i think you hate the stock still? >> we're underperform on the stock, yes. >> it's outperformed the market as i mentioned >> the year-to-date has outperformed year-to-year has been horrendous you asked what is it that we don't like the tactical -- pcs are starting to show that they're maybe rolling over and people are worried about consumer spending.

we've got lockdowns in china and everything else. the company is calling for pc growth not just this year but forward and i think that's up for debate they're still losing share they admitted that a and b are open season. their capex is going up massively, gross margins are coming down and free cash flow is nonexistent it's a five-year story at this point. like we already know what they're going to do, but we won't know -- i think they're doing the right things, don't get me wrong we won't know if there's any success at all even if you liked it, what's your rush? >> so what would you be looking for on a shorter term basis, like quarterly numbers coming out? >> people will be watching to see obviously on the financial, the gross margins, capex and everything and data center will be hugely important. they did push out their road map

but in the near term there's some product delays. there's a new chip coming which seems to be getting incrementally delayed so people will wanting some color on that. we'll see what they say and what that means for the year. fundamentally, you're owning it because over five years you can turn it around whatever happens on this call today, it's not going to change any opinions on what's going to happen over the next five years. >> qualcomm is also a strong performer today on earnings, it's up 10%. the whole group is leading the market, up 5.6%. what did you make of the qualcomm numbers and what we're getting on earnings? this is a group that's up 25% from its highs in a bear market. >> we started to see some cuts coming through from some companies blaming china. by and large, i think those cuts have been well taken

investors would almost like to see them we've been at the point of the cycle where numbers are going up and stocks are going down because people are worried that things are overinflated. in terms of qualcomm, they didn't cut, they blew it out of the water. everybody has been terrified of smartphones. everything touching a smartphone, there's been signs in china they beat the quarter, blue out june and soft guided september that's why the stock is up today. numbers are going up. >> stacy rasgon, thank you for joining us a $40 price target on intel. doesn't hate it, just has underperformed. amazon is also the other name after the bell. dee deirdre bosa is here what should we watch >> the company has a lot of

businesses will the post-pandemic slowdown in that core e-commerce business be offset by higher margin and faster growing businesses like cloud and advertising. amazon has been investing huge in logistics over the last few years so is this a so-called harvest year lastly, sara, do not sleep on rivian last quarter amazon's stake contributed nearly $12 billion to its bottom line shares, though, as you well know are down 70% this year so that is likely to lead to a markdown. back to you. >> what has been the swing factor with amazon earnings lately and the stock has it been the cloud business or the retail, e-com business? >> it's hard to say. e-commerce, we know that's slowing post-pandemic. cloud has a high bar to clear because microsoft and google earlier this week reported very, very good results that came in above expectations

it's a little harder for amazon to achieve that 40% plus quarterly growth because it is the largest player cloud was always really important. analysts are looking and investors are looking at advertising. it's direct, so it's shielded at some of the other forces and guidance, of course, as always. >> got it, d deirdre bosa, thank you. mike -- >> what distinguishes it is amazon was a bit of a laggard from let's say september of 2020 so it's been very much stuck there was a real positive response on the print last quarter to amazon, having really nothing to do with the rivian numbers. people thought they were going to be in harvest mode as opposed to investment mode we've lost that gain and more. so you would expect that the expectations around it have been beaten down.

i think some logistics costs are sticking in some people's craws. i think the response has been more benign than feared. >> let's see about apple which is rallying right now into the close ahead of its quarterly earnings report which is expected at 4:30 this afternoon. apple expecting $1.43 in earnings per share, about $94 billion in revenues for the second quarter, mike i know you always say it's not always a bellwether but it does seem really important because, a, it's huge big market cap, of course. but also a good read on how businesses are responding to the covid lockdowns in china, iphone demand, always key about the consumer, and servicestoo. >> always important for the indexes. it's very widely held. it's a very widely embraced story and it's outperformed by a lot. it's still kind of in its own

uptrending and held its valuation. the valuation is the same as coca-cola. it's being viewed as that steady performer. same exact pe and free cash flow yield as coke. the estimates have held up so it's not as if people have downscaled their expectations. that's probably okay again, i think it's about the response that matters more than anything else. when they say it's not a bellwether it's because it goes on these long streaks of outperforming the market or sometimes taking a break before the rest of the market goes higher but it's not an unimportant stock. the balance sheet in this environment also tremendous. warren buffett is not selling any. that's a positive for other shareholders. >> we are at the highs of the session. the dow not quite at the highs, up 583 points. it's tech that is leading us higher, the semis, the softwares, the mega caps,

basically everything internet retail is doing real well and the question you always have to ask on a day like today is some of the fiercest rallies happen in bear markets is that what this looks like >> well, it would be indistinguishable from a bear market rally or a bottom this is kind of how it will look i will say it did nose above 4300 on the s&p. we went kind of back to where we were on monday's close and the end of last week but it could very well be the start of something we have to see if we get further follow-through, of course. as i said, in the january period, the same exact dates in january just about, you did see finally some clearance to the upside once we got through the big earnings. >> that's right. we've got two minutes to go here in the trading day what are you seeing in the internals? s&p up 2.4%. it looks pretty broad. >> it is pretty broad. in fact, i would say that good breadth, but you're probably not going to get people to say it's overwhelming

people like to see 85, 90% upside volume but still good 3.4 billion shares to the upside, less than a balance to the downside look at the five-day s&p 500 because this tells you a little of what i was mentioning there basically just popped back up to where we were at the monday close. so there's work to do here but you could also say that that's carving out a lot. we spent a lot of time near 4200 and didn't decisively break it yet. the volatility index as you would come in pretty hard. >> i think with the fed in quiet period, earnings narrative takes over that's evidenced in the market today. as we head into the close, best performing stock in the s&p is meta after earnings it's up 17.5% paypal on earnings, qualcomm there's the s&p up 2.5% right now. every sector is higher technology is the leader, up 4%. communication services finally having a good day here, up

3.25%. it's been a pretty brutal period it's a group that's about 30% off its highs. energies working, discretionary is working, financial is having a good day the nasdaq closing out with a gain of 3% really a strong comeback today the s&p 500 with 2.5% brings it positive for the week. that's it for me on "closing bell." second it to "overtime" with scott. we are just getting started and a huge show is ahead apple, amazon, intel earnings are imminent that is our talk of the tape obviously this critical moment for your money, after this very big day in the markets leading up to those numbers. our experts are ready for all of it dan ives is here with me, shannon, joe terranova of the halftime investment committee with all that is riding on these numbers, especially afte