other include expediters and the hub group. >> frank holland. >> a key event to watch. >> well, the next hour, the most important hour of the trading day begins very shortly. it looks like we're going to go out with a big green week. >> 6% or so for the nasdaq, everybody. thanks for watching "power lnch." >> and "closing bell" starts right now. >> thank you, tyler and kelly. stocks are in rally mode we're actually at the session highs, up 700 points on the dow adding to a strong week of gains. the most important hour of trading does start right now welcome to "closing bell." i'm sara eisen here's where we standing in the market the s&p up 2.6%. it's a broad rally with every sector in the green right now. the nasdaq i2.7% the best performing sector at the moment is financials clean bill of health from the stress tests yesterday also a cyclical rally in general. materials, industrials, technology, that is what's

leading. check out some of the biggest winners this week in the s&p 500. it's a very strong week, up 6% for the s&p, especially for etsy, up double digits a lot of the most hammered names during the sell-off over the past few weeks keep in mind june is still a big down month for stocks. the cruise lines right in there, norwegian, clorox is in there as well really strong underperformers. still for the month of june, we are down about 6%. coming up on today's show, shares of carnival surging after posting earnings that missed estimates this morning though cash from operations did turn positive in the quarter we will talk to ceo arnold donald it's his last quarter as ceo before he steps down later we'll talk to the ceo of amalgamated bank it was one of the first to say it would pay for reproductive travel to access services.

the nasdaq is a big winner on the week, up 7%. kristina partsinevelos has more on some of the winners kristina. >> thanks. so we're seeing tech rebounding after days of selling. some good news, like you said, the nasdaq is poised to snap its three-week losing streak but that's only two positive weeks in the past 12 and the nasdaq is still almost 30% off its high and on pace for its third straight mondayly decline. so pop that positive bubble. but let's home in on today's gainers on the nasdaq 100. airbnb is topping the list, up 8% driven by the notion that pengt pent-up demand is benefiting travel companies. marriott is up 5% today. and we're seeing meta surge. there's no catalyst specifically for the company but it's going higher with broader tech after plummeting 50% over the past 12 months we have several software players, okta, docusign, datadog

as examples. and then software etf over 2.5% higher but flat on the month we also have some semiconductors positive today but just barely making it on the week. semis only up half a percent on the week. lastly, lucid motors the biggest drag but only down 1% followed by moderna, biogen and gilead, about a half percent lower for more let's bring in our market panel joaning us, joanne feeney and brian jacobson good afternoon to both of you. joanne, do you trust it? would you be buying? >> well, yeah, sara. clearly it's looking like a market that investors are seeing how many interest rate hikes are going to have in the future.

long-term inflation expectations are down so it could be we're seeing the 10-year at a reasonable level a lot of the valuation pull-back we've seen since november might be in the rear-view mirror also i think investors are recognizing as we've been advising for a while, you want to make sure to have some protection in your portfolios but stay exposed to some of those companies that are resilient to recession, that have really strong secular drivers like in data centers and 5g that can power your portfolio higher in the longer term. there's some attractive opportunities out there right now. >> brian, do you agree with that premise that maybe the worst of the tightening has already been pride in and now we're starting to go the other way? >> i like what i'm hearing from her, yeah, and i do generally agree. i think the market responded fairly favorably to chair powell suggesting and hinting a little bit that if the growth picture does deteriorate a little too quickly, even if we don't get a material improvement in the inflation outlook, that they

could pause. not necessarily saying they're going to cut rates in the face of weaker growth, but that they're going to be similarly focused on inflation and the university of michigan data saying we only had 0.1 percentage increase in long-term expectations instead of an eye-popping 0.3 percentage points that also has helped fuel things, saying maybe the fed doesn't have to go as quickly and as a result maybe a lot of the multiple compression that we've seen is mostly behind us now it's really up to earnings to prove that these valuations are worth it. >> right and we are going to get into earnings season. we had fedex, which was decent and it's actually one of the biggest winners in the s&p we've got nike on monday and then we'll get the banks joanne, where are the best places for you right now, keeping in mind we are going into earnings season >> you know, i think if you look at the market as a pohole, the e

for the s&p 500 is at 16 times which is its historic average. we should expect there to be different takes on earnings. some companies will face more headwinds from inflation as some segments of the consumer population have to cut back. but it's a tale of two consumers. the wealthier, midincome and higher aren't changing very much williams and sonoma probably does just fine you go into industrials, some are doing really well. if a recession comes along we expect companies to try for more efficiency earnings i think will be a really mixed bag depending how well companies can pass through price increases. we're not done with inflation and we should be prepared for some surprises, potentially negative surprises we think you need to be a little defensive, build in some protection against higher inflation but also make sure to

own good companies that have become extraordinarily cheap after this runoff over the last several months. >> brian, what about you what is the strategy for earnings season? analysts won't budge their estimates and i wondering if it's because companies still have pricing power >> i think you're absolutely right about that we just released our midyear outlook with the theme of rolling with change. one thing that hasn't changed much are those earnings expectations of analysts i think it's because they are assuming businesses still have a lot of pricing power we question that assumption, which is one of the reasons we're expecting to see a bit more volatility going forward. we do think we're find a bottom with the market and can get some rallies here really it's about identifying quality. what is quality? you can't necessarily always quantify it. sometimes it has to be done with boots on the ground analysis of the companies you're investing in that's why we work with a team

of equity managers to know the management and what types of decisions are they going to make going forward if we do get a change in the environment, higher funding costs as a result of rate hikes and perhaps growth that is orchestrated by the fed. >> that's why you like staples as a preefferred trade the dow is up now more than 700 points after the break, shares of carnival get a big lift today. we'll talk to ceo arnold donald about the quarter, the headwinds still facing this industry you're watching "closing bell" on cnbc. as a main street bank, pnc has helped over 7 million kids develop their passion for learning. and now we're providing 88 billion dollars

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more business reaction to the supreme court decision overturning roe v. wade. apple weighing in now. >> yes, an apple spokesperson telling me in a statement, quote, as we've said before, we support our employees' rights to make their own decisions regarding their reproductive health for more than a decade apple's comprehensive benefits have allowed employees to travel out of state if it is unavailable in their own state. so offering resources to move people out of state to get the reproductive care they might need sara. >> all sorts of industries, not just tech we're seeing that. thank you, steve keeping track of some of the statements. shares of carnival sharply higher right now the world's largest cruise line

operator missing estimates on both lines but saying over 90% of its fleet is back in service and revenue did jump 50% versus last quarter this is also the final quarter for president and ceo arnold donald who has been in the role since 2013 and he joins us now arnold, welcome. nice to see you. >> good to see you, sara good afternoon >> good afternoon. are you surprised to see this big jump i know it's a good day in the market, but it was a miss on both lines and it sounds like there's going to be a net loss for q3 >> well, i think it's obvious that our company, our industry, probably most companies are trading on macroeconomic perceptions in the marketplace versus individual operating results. but we were very pleased with our operating results. we doubled revenue as you mentioned, we have 90% of the fleet sailing again now during the quarter we had 69% occupancy a lot of that is because we

obviously constrained occupancy because of protocols, et cetera. our carnival cruise line branding is probably the strongest cruise line brand in the world sailing in the third quarter at 110% occupancy. so we're coming back strong and looking for the other brands to be following that lead soon as travel restrictions and protocols and other things m mitigate so we're excited the cruise industry is coming back. we saw 1.6 million people in the second quarter and looking forward to sailing many more and giving them great vacation memories and lifelong moments that people love when they cruise >> well, how are bookings looking for summer and into the end of the year and into next? >> bookings are good we had a record booking period, the most certainly since the beginning of covid for certain and as we look ahead into '23, bookings are strong. we also have good pricing into

'23. we've had the near term gyrations from variants and invasion of ukrainian all these things which extended out the wait period and resulted in closer-in bookings to the time of sailing, so we're benefitting from that now because as sailings come up, bookings are going up as you look to '23 and beyond, there's pent-up demand for vl t travel people wanting to travel as you can tell by the airports everywhere in the world. as restrictions are lifted, we'll be cruising full steam ahead. >> the airports are so busy and the hotels are so slammed right now, and they're having some of their best times ever. why does it seem like cruises are not enjoying as much demand and pent-up demand for travel as we're seeing in other parts of the travel sector? >> first of all, we are experiencing pent-up demand. the carnival cruise line we're

at 110% occupancy in the summer. the demand situation is the ability to travel with certainty. so you have lots of airline terminals that are filled. a lot of that is domestic travel some is international travel when there's uncertainty about protocols, that inhibits people's comfort in travel people have to be able to travel and have to want occurring plus as variants took off, peoplewere testing positive. they may have booked a cruise but tested positive and couldn't take the cruise. so all those things impacted us but that's going away. so the good news is as society becomes more and more comfortable with managing the virus, which it is, and as countries and areas take away

all the requirements that were previously associated with trying to manage the virus, then the ability for people to cruise is there and they want to cruise. >> so what about the stock, which has lagged all the parts of the travel sector not just yours but some of the other cruise lines the problem is all these things are happening, these tailwinds the easing of restrictions and the fact that you don't have to test to get into the united states, at a time when the economy is starting to weaken and the fed is slamming on the brakes to try to slow down demand and cool inflation. >> i'm not an expert on the market you are and others are, but what i can tell you is that the stocks are depressed because of perceptions of macroeconomic situations cruise has not been able to have the freedom for people to travel like other areas of the travel and leisure sector so as we are getting closer to that, we're beginning to see the promise. concerning possible global

recession, if it comes, we are not recession-proof but we have demonstrated time and again we are recession resilient. if people are employed, they want to take vacations right now we have very low unemployment rates in the u.s. but elsewhere in the world as well if people are employed, they want to take vacations people wanti experiences more than they want things right now and that's what we are and there's pent-up demand there's been a couple of years where people haven't felt comfortable because of the testing protocols and other things, their fear of being stuck in a country and not able to get back home or whatever as that fear dissipates, we're going to see continued momentum, which we already see, in the cruise sector. >> this is the last quarter as ceo. you're going to be stepping down, vice chairman starting in august arnold, you've been in the industry for nine years and been the face of the industry for a

lot of it and have seen some pretty extreme ups and downs how different is this cruise industry from when you inherited this company back almost a decade ago >> i think the industry has gotten closer together over this team because we have been through a number of challenges as an industry around the world and now globally with the pandemic and what's happening. and so i see an advance in technology the ships have gotten even more efficient. everybody is focused on sustainability and climate change we're very proud of our track record when it comes to compliance, environmental protection, health, safety and well-being of everyone and reducing carbon emissions. so it's an exciting time for the cruise industry again and it's wonderful to see the momentum. we're looking at positive ebitda for the third quarter coming up. and that's a big inflection point for us

i just can't thank our tens of thousands of employees enough for their dedication, their commitment, all of the guests who travel with us and everyone else who's a stakeholder and especially our shareholders. and i thank you too, sara. we've got to get you on a cruise ship, though. >> one day maybe >> soon, soon. >> speaking of your employees and your stakeholders, i have to ask, we're asking all of business today the question, the reaction to this historic decision by the supreme court overturning roe v. wade, 5-4 vote how are you handling that as a company and what are you saying about it >> as a company i was reviewing the situation, it just happened. i think our insurance policies will cover people in a way that you've heard similarly from other companies. i'm not positive of that we're verifying that but as a company we're reviewing it on a personal note, this is not the company, this is just aaron donald i personally believe in a

woman's right to make a decision >> well, hopefully we'll hear more from you personally, arnold, as you step down from ceo. thank you for your thoughts as always. >> thank you, sara. >> always coming on in good times and in bad you have come on in the worst of times when your company was on the brink so we thank you for that. >> thank you so much. let's give you a check right now on the markets right now we are setting near session highs, up more than 700 points on the dow the s&p up 2.6%. you've got groups like arnold's cruise lines at the top of the market hotels, resorts and cruises just below casinos and gaming at the top. airlines, food distributors, some of the technology groups, including the semi conductors, the software companies, the cloud companies, everything basically that's been under pressure which basically has been the whole market is lifting today. up next, a surprisingly strong new home sales number sending the home builders higher as well. ok'll dive into that report and lo ahead to data coming next week when we come back

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look at the home builders jumping today. diana olick has the story. where did that number come from, diana? i thought it was all doom and gloom on housing >> not with sales of newly built homes. they were up nearly 11% in may from april but 6% below may of last year. these are based on contracts signed in may and that was before the most recent spike in mortgage rates some buyers may have rushed in, worried rates will move even higher also these buyers would have locked their rates in a few months earlier prices were still up 15% from a year ago one red flag is that supply of newly built homes is still historically high so that will likely mean a continued slowdown in construction and we saw that in the housing starts. next week we get more housing data pending home sales monday which are sales of existing homes and

the home index these are all before the big jump in rates we saw the start of june and that marked a real cooling in the market. rates have since dropped back a tiny bit but not a lot we'll also watch the weekly mortgage demand numbers wednesday which did see a bump up in demand last week sara. >> thank you very much, diana. more and more companies are releasing statements in support of covering their workers' travel costs to accessory productive health care following the supreme court's decision to overturn roe v. wade up next, we'll talk to the ceo of amalgamated bank, one of the first firms to take such action. the dow is up 715. we'll be right back.

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in a historic 5-4 vote the supreme court has officially overturned roe v. wade ending decades of federal abortion rights and giving states now the power to set their own abortion laws companies and business leaders have been weighing in all day. meta platform coo, sheryl sandberg, writing the ruling threatens to undo the progress women have made in the workplace and strip women of economic power. many companies are also coming out in support of workers by now offing to pay for abortion travel expenses, including memos to employees from jpmorgan and disney, assuring they will pay for those costs.

amalgamated bank was one of the first companies to tell employees it would cover costs for those needing to travel out of state to seek an abortion the bank calling the ruling a devastating and dangerous blow for millions of americans, particularly undereveryoned communities, people of color, rural families, lgbtq individuals and immigrants joining us now the ceo of amalgamated bank, priscilla simms brown. thank you for joining us today why did you decide to be so vocal on it? >> for us it's pretty clear. it's a workplace equity issue. women make up half the workplace obviously. and when you have companies as varied as us, those you mentioned, the philadelphia eagles, all of us have one thing in common and that is we want to both hire and retain qualified women in particular and give them opportunities we want to deliver on our

diversity and inclusion goals. we know that women who are involved in reproductive health issues use that, the policies around that are big for them in choosing the employer and even the state that they want to live in we know that these issues, surveys show, a good number of them feel that these issues are critical to them making the decisions they need to make about staying in the workplace or going home. these are just important issues to women, and we have taken a terrible step back for half of america's workforce. >> what do you say, priscilla, to those that may say it's not a business issue it's a social issue, it's a religious, it's a personal, it's a health issue why do we need to hear from business on this do you worry about what happened to disney where they did speak out and it was kind of clumsy but ultimately now got punished

by the local government in florida and are accused of being woke >> look, 70% of americans agree with us on this. this is not an issue that is isolated to a particular party this is an issue that is important to 70% of americans. many, many women in the workplace. and i hear from my employees, my managers just like every one of their employers have heard from theirs, that this is a critical issue to them. women have a very special challenge. they have the right, it is a personal reproductive issue that they have the right to make decisions around and that's important to them in the workplace. it's important to us in retaining them it's important to us in hiring them and it's important to us because we want to have diversity for everyone in the workplace. >> since you're a bank, you also are uniquely positioned to talk

about the economic implications of this, priscilla do you see this as a potential step back for the female participation rate >> absolutely. i agree with yellen when she said that this is a major economic issue it will be a step back we're already in this country suffering from a labor force issue. and this is not going to make that any easier. it's going to make it a lot worse. we're losing talented people in the workforce as a result of this who have to make decisions they don't want to make. >> how many states do you operate in, priscilla? and how do you -- how do you deal with the fact that now there are going to be different policies in different states around this for your employees >> yeah, that's right. so look, we operate in four states directly. we know that 26 states have laws that are going to be affected negatively, where there will be a negative effect for women around these issues. that's important to us

our customers, many of whom are commercial entities, they are going to be affected in those states and so for us it's not a matter of making the choice for women one way or another we believe that women don't want to have an abortion. no one wakes up one day saying i'd like to have an abortion in a month. this happens because of circumstances that are personal to an individual, and that individual should be empowered to make those decisions. >> can business do anything else by the way, i want to point out for viewers, we're looking at a live shot next to you of the supreme court at the moment where the protesters have been gathered all day, very peacefully but clearly still there with their signs and, you know, voicing a lot of frustration and emotion around this decision. priscilla, what else can business do? we've seen business get active on some various issues in the past gender bathrooms in north

carolina, voting rights in georgia. is there any activism that you expect to see or want to see from business? >> absolutely. there are a few things that in particular those in the financial services industry can do we have to support financially the expansion of reproductive health care clinics that are going to be in states that border the states where there are onerous laws and laws that are harmful to women we are doing many of us, as you noted at the top of this, we are doing all we can to ensure that our own employees, and in the database of amalgamaltted, not just employees, but their dependents have access to reproductive services in other states if the states they live in do not provide that we will provide transportation, we will provide child care, because many of these women have children at home we will provide hotel not only for them but for a partner to support them through the

process. and i think that is something businesses can do. they can support women who are going through this sort of throwback to many, many years ago. things that our grandmothers dealt with that many of us thought we'd never have to. >> priscilla, thank you for coming on today. not a lot of ceos wanting to come on and touch this topic thank you. >> thank you >> by the way, just getting a statement in from nike on the supreme court ruling here's the quote nike offers comprehensive family planning benefits. no matter where our teammates are on their family planning journey, from contraception and abortion coverage to pregnancy and family building support through fertility, surrogacy and adoption benefits, we are here to support their decisions we cover travel and lodging expenses in situations where services are not available close to home and regularly make adjustments to our benefits to ensure employees have access to quality health care they need. just joining a number of industries and a number of companies here offering expanded

benefits for travel expenses for women who have to go out of state to get legal abortions now in this country. here's where we standing in the markets. we are building on the gains for the week and for the day up 720 now on the dow. up 2.6% on the s&p we're looking at a more than 5% gain for the week. keep in mind, it's still a pretty sharp down month for the month of june but it's a rebound kind of week whether it was an oversold bear market here or maybe some signs atnfti ipeinouth ilaons akg t. we'll talk much more about the rally and whether you should be buying in when "closing bell" comes right back (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique.

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every sector is green right now. energy is the only one down for the week and now it's only down about 1% the cyclicals are leading. materials, financials and communication services let's drill down on individual winners. steve is back and kate rooney watching the crypto and payment stocks steve, start us off. >> yeah, first up we've got apple. it's up 1% today and by the way, there have been good analyst notes out this week talking about some optimism, a rebound in hardware sales in china, but app store sales do appear to be slowing there and around the world. then microsoft is up 2%. alphabet up nearly 4%. amazon 2.5% and meta, the best of the bunch today, that's up about 6% we know our friend, jim cramer, has been pretty bullish on meta after he talked to mark zuckerberg about all things metaverse. sara, back to you. >> i'll send it over to kate rooney who's looking at crypto and fintech stocks. >> yeah, these have been some of the hardest-hit names in 2022

but fintech and those crypto stocks staging a comeback. affirm is up 26% on the week followed by block, formerly square up about 20% this week then robinhood up double digits. paypal rallying about 5% today then those crypto stocks getting a little bit of relief today after a tough year coinbase and microstrategy both on pace for a 20% rally. then you've got marathon digital, hunt mining all trading higher in sympathy with some of those cryptocurrencies bitcoin is back above 21,000 and ether on track for its best pace since april >> unclear whether it will be a blip on that long, downward chart. thank you, kate. kate rooney. up next, we take you straight inside the market zone. all week i'll be part of our coverage of the cnbc aspen ideas

festival that's next week including jessica alba, eric some mitt, the ceos of intel, ibm, wells fargo, bumble and much moere e thdow is now up 760. we'll be right back with "the market zone.

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every sector in the green. cyclical groups that are tied to the economy are actually leading today. the average is going for the first positive week for the month of june, dan are you a buyer today? >> you know, not today i think over the last couple of weeks it's been clear that the market, at least the stock market, has wanted to put in a near term bottom we've seen rates come in and seen some commodities like crude, steel, copper, even wheat have really come in pretty hard, all setting the stage for a kind of relief rally in stocks, especially as sentiment readings are getting really bachd. of course as you know, we've got a week left in the quarter it's been a horrible quarter two consecutive down quarters in a row in the stock market doesn't happen that frequently the conditions were set for a nice little bounce and we've had three of them. from the low in january -- >> but that's all it is to you, just a bounce? >> what's that >> is that all it is to you, just a bounce and back to the downtrend? >> oh, yeah. we are most certainly in a bear market and it really is going to

be until we can see some light at the end of the tunnel when the fed will stop raising rates and the economy is going to recognize some of the headwinds that it has. the stock market can't really bottom until that. so i still think we're in a protracted sort of bear market but i think the s&p probably bottoms out somewhere between 30 or so percent from its all-time highs which would be round tripping the entire move from the pre-pandemic highs from february 2020, which is just about 3400 or so at that point you can start contemplating when the stock market will bottom it's not there yet. >> it's also another 10% if you're right from where we are now. we're about 20% off the highs. fedex, those shares are at the top of the market after delivering strong results last night. what's really helping the stock is the upbeat full year forecast despite global slowdown fears. it's the new ceo's first quarter at the helm. frank, what were the drivers

from the quarter and what did you glean from the ceo and other executives about where the economy is going >> well, the real driver for this quarter was pricing fedex clearly has really great pricing. when you look at the numbers, the volumes were pretty soft its express division saw price increases of 20%, even though volumes were down 11% year over year the real standout was freight. volumes were down 4% but rates up 28% as you mentioned, fedex issued some very upbeat guidance. appeared the new ceo put his money where his mouth is but in reverse on the call. he said we're already moving, making sure there is significant cost controls and operating in a very constrained environment from that perspective. we're definitely not assuming a prolonged deep recession he issued guidance that was above estimates even though he had there were a bunch of headwinds so fedex continues to believe it's going to have strong pricing. >> analysts are excited about it

too, so are investors. frank, thank you sgl. the financial sector getting a big lift today the fed announced yesterday that all 34 u.s. banks stress tested by the fed did pass. leslie picker joins us leslie, what do the stress test results indicate with the big question for investors, buybacks and dividend announcements next week. >> yeah, you're right, that's the big question for investors after the close on monday we will learn from these banks kind of what they'll do with their dividend and buyback plans as a result of the stress test that we learned about yesterday after the close. so basically analysts are saying they actually have pretty muted expectations, which is surprising given today's stock price reaction they say the stress test winners here as it pertains to capital distribution is wells fargo and discover the stress test laggards, those that could face some pressure on their potential buyback and dividend plans are jpmorgan,

bank of america and citi that's because the excess capital for those three was a lot lower compared to last year. so that's partly due in some cases to reserve releases. it was a tougher test compared to 2021. but it will be interesting to see what they come out with on monday. >> leslie picker, thanks dan, do you like any of these names ahead of that announcement on the cash return and ahead of earnings in a few weeks? >> no, not right here. let's be clear, some of the major banks topped out late last year in october even before the nasdaq topped out before the fed pivoted, so something was going on there, at least the way investors were perceiving the value there. leslie just mentioned, the reserve leases that a lot of these banks had taken the prior year right after the pandemic or the heart of the pandemic in 2020, if that wasn't enough to keep the rally going, at some point if we have a recession and a weakening economy, we might see investors start to expect

the banks to take reserves again and prepare for the potential for credit losses. so to me i think the banks all year have been telling us what direction the economy is going i think in the next few weeks when we get corporates starting to give their second half guidance, i think it's going to be very apparent to a lot of investors that the economy, at least s&p earnings for 2022,ar still way too high at high single digits. >> some might say that's already priced in with companies like jpmorgan and bank of america 30% off their highs. dan, i want to hit tesla those shares are climbing today and they had a great week despite a price target cut from credit suisse. challenges loom in the short term, including shanghai's covid shutdown, which credit suisse an less say is hurting analysts there. joining us is the analyst behind the call, dan levy dan, what are you looking at that gave you that insight on china today.

>> thank you for having me, sara we've known throughout the quarter the shanghai shutdown has limited tesla's production in shanghai. shanghai is a really important factory for them in recent quarters it's been as high as 60% of their total volume in april there was minimal volume in may it was roughly at half pace so that's enough to really drive the cuts >> there's a lot of hand wringing about the china shutdowns and shanghai and didn't turn out to be that big of an issue. some of the commentary on the call was pretty bullish on china. >> last quarter they didn't see much in the quarter itself it was still a fine quarter for deliveries really the big positive in the quarter was the margins. but this quarter you started to see more of an impact on the volume you'll also see the appropriate margin hit because that is a high margin facility on top of that there's some

impact through the ramp-up of the facilities in berlin and austin. >> you still expect this stock to rally, to outperform. you've got a $1,000 price target you take that down from 1,125. talk us through that decision. >> yeah. we are positive on the stock really the key message here is this even with some of the near term noise that you're seeing around shanghai and the shutdowns, i think the long term story is very much intact. evs are really the mega trend for autos, and this is the best stock in autos levered to evs. they have a large lead over others in fact we think that even with all the spupply chain challenges this just widens their lead over other automakers given how situated they are with vertical integration and their prior experience in evs. we cut the price target because there is discount rate component to our valuation obviously rates are rising so

that's what drove the cut to our price target we still think attractive upside ahead and there's a lot of growth here. we think this is the best levered story to evs in our coverage. >> dan levy, thank you, from credit suisse. d dan, it's up 13% this week it's significantly off the highs, about 40% on tesla. what say you >> so if you look at the last two quarters, elon musk usually sepd sends out a rah-rah email. he's done that basically every quarter for the last three or four and the stock usually rallies off of that. so we're rallying a little bit after being down more than 45% at its lows just a couple of weeks ago. i suspect it continues to rally into quarter end and then we'll get deliveries i'm not as optimistic as dan levy but i don't look at the company the same way he does i think they had a bad week. i think that money furnace comment he made about the giga

factory in austin and shanghai not to mention what's going on in berlin, i'm not sure that's the thing a lot of investors feel comfortable about paying for a $750 billion market cap company. it's a levered play towards evs. i think there's a lot of competition. i think there's issues with china demand ultimately and also how much demand do you think is happening out of berlin? to me i don't think it's a great story and i think elon musk seems to be very distracted with what's going on with dogecoin, with twitter and whatever else is going on. >> that's never stopped him before or the stock. dan, final thought as we go into the close and it's going to be about the nasdaq because that's what's doing the best. it's up 3% and also has done the worst, off 30% from the highs. we also have the russell rebalance after the close. meta, netflix and paypal actually moved to the value index while their weighting in the growth index declined. it's a decision from russell on

valuation metrics. do you buy some of these names >> i think you do. i think that's a bullish sign that they're going from this growth quad rarant to a value quadrant sara, in the market zone the last couple of times that i've been on with you, i've been saying, i've been picking at the nasdaq because you get the concentration of the big names that make up 50% of the weight and then you get dozens of stocks that are down 40, 50, 60%. so i bought some meta yesterday. i love that mark zuckerberg interview with jim cramer. i bought some paypal last month, some snap last month i'm thinking about some names that could be up 200, 300, 400%. those names now in value territory are starting to pique my interest. >> do they have to be profitable for you? do you make a distinction? >> yeah, well, it's funny. no one has cared about gaap profitability in a long time we have it in meta and facebook. i think expectations have come down low enough. snap is a little bit more of an interesting one. but to me with an enterprise value of $22 billion, far less

than what elon musk is going to pay for twitter if that deal does go through at $54.20, i think that's value and ultimately i do see that moving to greater profitability as they figure out different ways to monetize i also like that evan spiegel endorses musk's plan for a super app. >> dan nathan, pleasure having you. have a good weekend, my friend. as we go into the close, we're soaring here and we do have that russell rebalancing into the close the nasdaq is up 3.2% as we go into the close there's the dow up 811 at the highs of the session, capping off what was a strong rebound week for stocks on top of what has been really weak month and quarter. only two dow stocks lower and that's verizon and united health sales force, goldman sachs, nike is working the best. technology, beaten down cloud names, cyclical groups like

materials, communication services are working really well meta is rallying, so is disney and paramount, global. there goes the bell. the s&p 500 closing up 3%. highs of the day 6.4% for the week. and the nasdaq soars more than 7% this week that's it for me on "closing bell." have a good weekend, everyone. i'll see you from aspen next week now into "overtime" with dom chu. >> thanks so much, sara. you just heard the bell. welcome to "overtime." i am dominic chu in for scott wapner you just heard the bells but we are just getting started here on the show and we begin our talk of the tape. that rip-roaring rally as sara just mentioned to edged the month of june. stocks ending with monster gains across the board the nasdaq gaining more than 3% on the session the s&p having its best day since early may and adding more than 6% on the week.