rallies out of the quarter. >> tom, thanks for your time we appreciate it >> thank you. >> busy hour we just had treasury secretary, president, everything thanks for watching "power lunch. >> "closing bell" begins momentarily. >> we'll see you tomorrow. thank you, tyler and kelly stocks are proving resilient here after wednesday's big rally. major averages all higher, even in the face of a downbeat gdp print. the most important hour of trading starts now welcome to "closing bell." i'm sara eisen stocks are higher, bonds are rallying the dollar is weaker the s&p is up 1.25%. every sector is higher except for communication services some of the media names are dragging down that sector, in particular comcast, charter, meta and dish. some earnings stories there to talk about the nasdaq is up 1%, so are small caps so it's a nice broad rally. plenty of red here we hit meta.

it is pulling back sharply qualcomm, comcast, teladoc all getting slammed. etsy is an exception, it's up 10%. coming up we'll talk to the ceo of marriott who is currently beating with president biden and his advisers discussing the state of the economy in america. check out the solar stocks getting a huge lift today on news that senator manchin has reached a deal on climate funding. we'll talk to the ceo of sunnova. stocks are moving higher as mentioned after wednesday's big rally during the fed news conference, holding strong even after new data showed a second straight quarterly decline in gdp. what does it mean for investors? joining us now is holly newman croft. holly, what are you telling your clients about whether we're in recession right now? >> i'm telling my clients it doesn't matter if we're in a recession today. my clients, like your viewers,

sara, don't care if we're technically in a recession or not in a recession what they care about is if they weather this storm and if they can not impact their livelihood, continue to live their lives and come out the other end of it >> and a lot of your clients are high net worth. >> yes. >> so what is the answer there are they feeling it? >> the answer is we always talk to our clients about managing risk and from a high market, a low market, we position our portfolios to withstand a full business cycle that includes upturns which feel a lot better and downturns like we're in now of course they can afford it they're not going to like it when they open their statements, but they're positioned to do just fine during this downturn. >> in previous appearances in the last few months, you've said you are positioning them more defensively preparing for the downturn. >> correct. >> is that still the case? has there been a change? >> no, it is still the case. we're still underweight

traditional asset classes like fixed income and equities, we're overweight alternatives because that's where we're seeing the opportunity for outsize returns. what we're really cautioning the more scared investor and maybe the more scared viewer is not to have a knee-jerk reaction and the importance of staying invested as you know, the ten days following the market bottom has proven to be very important to be invested with a 15% return on average. >> so do you not buy the idea that -- and a lot of people are talking about this today after the powell news conference, that we have seen the biggest of the rate hikes and we're closer to the end than the beginning and that could lead to a pretty nice market rally >> i'm not, not buying that, but it's impossible to know the market bottom. i think the first half of the year we spent talking about high inflation. the second half of the year which has started, we'll talk about slower growth. and the fed is trying to thread the needle and navigate slowing

growth enough to avoid a recession, but not too much to send the market tumbling. >> but it's not the typical recession, right or are you using that playbook >> no, it's not the typical recession. look, we have high employment, the housing market remains tight. i think we're relying on the consumer to continue to spend and work our way out of this downturn but some people are saying we've seen the worst of it and some are saying the worst is yet to come so the trick is navigating the uncertainty and knowing that there's uncertainty tells us that there's going to be continued volatility. >> i think in your basket of recommendations, i know you're underweight stocks but within the market you like quality, you like dividends and you like value still? >> we do like value over growth. but the overriding theme really is high quality companies. companies that have strong balance sheets, low leverage, strong pricing power and companies that they themselves can withstand this volatility. so we're seeing -- an you find

high quality companies in every sector and subsector of the market so what's really important there is unlike previous rallies, is the market is finally giving some credibility to fundamental analysis and that is justifying active managers. active managers like new berger berman managers are having their best start to a year since 2007. >> because value is working? >> because analysis, fundamental analysis is working and stock picking is working you can't buy full sectors because it's not every security in that sector that will do well. >> what about bonds, do you think we've seen the highs on yields >> well, we're still continuing to be positioned short duration, but we're also starting to become a little bit more opportunistic. i don't know if we've topped out, but i think the fed is going to certainly slow the hikes, if not pause to see if they have had the desired effect so we might start thinking about buying longer dated bonds as we

enter the second half of the year. >> how are you thinking about the time frame of all of this? whether we're in a recession or not, the real debate is how deep is it going to get in terms of the downturn and for how long? >> yeah. we see the volatility continuing well into next year. just again because there's still so much uncertainty in the world. you and i have talked about this before we've still got covid, we've still got the war between russia and ukraine, we've still got china zero covid policy and supply chain issues. there is a lot of uncertainty. as long as we have that, we'll continue to have volatility. >> what about commodities? in the past you and i have talked about it and i think you've been a fan. are you still? >> we still think there's a place in the portfolio for commodities. they have pulled back about 15% in the last month but there continues to be pressure and we think commodities still have a place in portfolios today. >> but not cash?

>> not so much cash, no. really important to be fully invested a little bit of dry powder, but really to maintain your asset allocation and to just weather this storm. >> what will you be looking for that would make you feel like, okay, it's time now to get more into riskier places in the market, more growthier parts of the market what would it take >> look, the sectors where we're seeing opportunities are growth. the sectors that have been the hardest hit. you're able to find really attractive high quality companies in tech specifically we're also seeing them in communications you just mentioned that a lot of the communications companies have tumbled some consumer. so we are seeing opportunities in those growthier sectors that have been so punished. >> quality growth that has been hit. >> correct. >> i know you can't name necessarily -- >> i can't name stocks. >> but even what about riskier parts of the market? what about the nonprofitable tech stocks?

>> well, remember, the riskiest part of the market would be alternatives because that's liquid so that's the opportunity for higher returns and we are overweight that asset class. we especially like it today because there are a lot of options to have exposure to private equity through liquid alternatives so it's not as elitist perhaps as it might have been before you know, a lot of your viewers, my clients, everybody can have access to it in some capacity. >> although carried interest might go away. the new bill eliminates that >> i'm not so sure we think that bill will get legs. >> you don't >> no. >> sinema, you think they won't get it done before the midterms? >> i think a midterms -- we have a lot of other things to focus on before the midterms. >> holly, thank you. always good to hear from you. >> always good to see you. check out the solar stocks, what a rally today after senator manchin reached a deal with senator schumer for hundreds of billions of dollars of climate

funding. we'll discuss with the ceo of residential solar firm sunnova is he expecting it to actually happen we're at session highs, up almost 400 on the dow. you're watching "closing bell" on cnbc. so, you're 45. that's the perfect age to see some old friends, explore new worlds, and to start screening for colon cancer. yep. with colon cancer rising in adults under 50, the american cancer society recommends starting to screen earlier, at age 45. i'm cologuard, a noninvasive way to screen at home, on your schedule. and i find 92% of colon cancers. i'm for people 45+ at average risk for colon cancer, not high risk.

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of money going to the semi conductors, the semiconductor companies in this country to revitalize the chips industry manufacturing in this country. it's been a long road, many thought it wouldn't get done before the midterms. but it finally has the first celebration in terms of the statement comes from the commerce secretary gina raimondo who has been pushing for this along with ceos we've had trying to get america to be more of a manufacturing powerhouse on chips and an effort to protect our national security and counter china. we'll stick with congress because solar stocks are soaring on the back of a deal reached between senators manchin and schumer that would invest hundreds of billions of dollars to combat climate change legislation will be brought to the senate floor next week joining us is john berger, sunnova ceo. we talked to you like a week and

a half ago when this bill looked like it was dead. >> it was a big surprise, sara so obviously a pleasant surprise and we think it's going to get passed it may not be in the exact same form, but this seems to be moving very quickly. i might add that the news that you just broke, the solar industry is the cousin to the semiconductor industry there's a lot of similarities to it the reasons to do it are very similar in terms of bringing thousands of jobs home to the united states. the solar industry and battery industry have become very important from a national security perspective and also dominated by the chinese and so a lot of the same if not the exact same reasons that the c.h.i.p.s. bill just passed is the reason why this bill should pass and then some obviously climate change is important, this addresses that, but very similar bills. >> no, it's billed as a climate proposal and also to bring down inflation is what the administration is saying how does it protect our national security >> well, bringing those jobs,

those manufacturing jobs for the solar panels and the batteries to the united states, away, again, from china and some other countries, that is a part of this bill as well as addressing the climate change when you look at the interesting thing about the tax credit, it's not just about solar, but it's agnostic and goes to the home of the future so it addresses both how do you eliminate some of the demand for energy in the home but also supply it from new, cleaner sources. on top of that gives a ten-year runway for investors in our sector to continuously have more confidence and to deploy capital into this sector so we can grow at a much faster rate and really do something material about climate change so lowering utility bills for homeowners is anti-inflationary. you want to create those jobs, bring those jobs home to the united states away from china. and the third one of yours, you're definitely making an impact on climate change. >> so, john, your stock is up 25%. how exactly does it influence

your business? you get the incentives will just bring more customers also do you get manufacturing ben benefits talk us through how it changes your plan. >> well, first and foremost is the sector, my sector, has been really over a cloud as far as the number of tariffs. we're not the only sector that have had to deal with some of the tariffs that the previous administration put in place and has been continued here. certainly i think we've been the most influenced, if you will, by that, at least in the negative headlines. and so it takes bringing the manufacturing back to the united states will essentially negate those reasons to have those tariffs in the first place and solve the problem, if you will, on a permanent basis and then the next one is, is that, yes, incrementally it lowers the price of the solar service to homeowners, which lowers their utility bills so senator manchin is absolutely right. i was on your show just a few days ago talking about how anti-inflationary this was and

here we are, i'm pleased to see the senator and it looks like the majority of congress agrees with that. >> why are you so sure it's going to pass? we just heard from a major wealth manager that doesn't think it's realistic >> well, i respect her opinion, but when you announce the c.h.i.p.s. passing, a lot of folks said the same thing. hey, we're close to the midterms and i understand that. but i think it's very clear that the democrats need something very positive here the leadership of the democratic party, senator schumer, senator ma manchin, speaker pelosi and obviously the president has come together and said we need something that lowers utility bills and lowers energy bills for consumers in a very difficult climate. and this morning, i've been saying this for a long time, we are in recession some of these same folks that got on the screen and said, no, we're not in recession, look at the data we're in recession and it's getting worse.

there's nothing positive as you move forward the next few months so the leadership that wants to stay in power or have a shot at it is going to have to do something about the economy, create those jobs, bring those manufacturing jobs here to create those jobs and do something about the rising energy bills which are going to continue to rise in our opinion as far as i can see, not the least of which is due to the war in europe. >> does a bill like this change the trajectory of how fast and how widespread we adopt solar panels as a country? >> do you need this to get that done >> we don't. we'll be fine either way, but the trajectory needs to be a lot more acute, if you will. and this will absolutely do that it will do it in a way that is anti-inflationary, creates the right jobs here in the united states, addresses some of the national security problems that we have and making sure that that equipment was made here

and if you look at the itc, the investment tax credit, again, it's going to be technology agnostic after a period of time. why is that important? it can be applied to batteries and load management which drops the demand for homeowners dramatically and a lot of other technologies that we may not even know that can be deployed out there. fuel cells is another part of this bill. so there's a lot more here than just solar panels and that makes it a lot more impactful both to the economy, both to homeowners and to climate change. >> but you know, john, what the critics are going to say why do you need the subsidies? if it is such a game-changing technology that people are adopting anyway, why do you need the handout from the government? same thing they said about the chips. >> i think we can all agree the chinese government doesn't play fair necessarily, so in terms of the portion of this bill that

addresses the manufacturing, basically the way to think about it is exactly the same on the chips side of things, you've got to fight fire with fire and i'm a stalwart capitalist. on terms of the demand itself, we need to address climate change we need to do some things to reduce or create more slack in the energy market with regards to natural gas, coal and oil if for no other reason than our european allies need more of it and much less of it coming out of russia. there's a national security piece of this as well that is addressed by these investment tax credits or subsidies the last thing i'd say is i always remind folks that the u.s. power industry is not a bastion of capitalism. it is directly run by the government, heavily subsidized this is unfortunately the structure of the u.s. power industry in terms of it not being capitalistic so subsidies

both currently and in the centralized utilities and here are just a part of the industry itself >> john berger, thank you for joining us at the last minute here. >> thanks. >> once we got news of that deal the tan solar etf up 7%. let's give you a check on the overall markets. we're higher across the board. 378 or so on the dow s&p 500 up 1.3%, building on yesterday's gains that we saw after fed chair powell's news conference and bucking the trending that we've seen where the market has rallied on fed days but given it back on the following day. the nasdaq up 1.1%, so tech is definitely playing a role here in this rally. it's utilities that are driving us higher as far as the s&p. real estate, materials and consumer discretionary. apple, amazon, intel, all headlining a huge afternoon of earnings we'll tell you what to watch straight ahead they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery.

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let's check out today's

stealth mover. it's hershey top performer in the s&p 500 right now. the candy company beating wall street's profit and revenue estimates hiking its full-year guidance because strong sales growth is offsetting supply chain issues and decline in gross margins. dot's pretzels, the retail sales up 50% in the last 12 weeks. analysts say this name is recession-proof. shares of cannabis company tilray also soaring on stronger than expected sales and guidance the stock is still down 50%. still ahead, the ceo discusses the results and whether the company is planning any price hikes. we'll be right back.

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the grass is definitely greener for tilray today the company reporting its fess cal year results this morning. it was a beat on the revenue estimates, provided better than expected guidance. the stock is up 10% but it has had a rough year, down about 50%. joining us is the ceo, irwin simon. welcome back, nice to see you. >> nice to see you thank you very much. >> so you needed a good quarter here it's been a rough ride in the markets. what is happening with the

underlying business? >> so, sara, it's been a tough year listen, the year started off, we had covid in canada with a lot of closings. you needed a vaccine card to get in we had covid in regards to our facilities but i must tell you, we've come back a long way. the cannabis industry has had a challenge. but if you look at tilray brands and what tilray has done, number one, we grew our revenue 22% this year, 13th consecutive quarter of positive ebitda, adjusted ebitda. we acquired a great business called breckenridge distillery with great bourbons, gins and vodkas we've added to our sweet water business and grown that on the west coast we've really grown our european business so referred to as cannabis, we're not just a cannabis company. we're consumer products. we're focused on adult use, on

medical, on beverage and spirits. you know, a business that i know well we're focused on wellness with our manitoba harvest products. you can see behind me, our hemp products >> so are you going to continue that m & a spree it's been a big part of your strategy you bought the brewery and say you have other deals given what's happened in the markets, does that tcontinue >> listen, i put a plan in place, how to get to $4 billion by 2024. a lot of that is focused on legalization both in the u.s. and europe there's a good plan in place to get to a billion dollars in canada with our current business, organic growth we acquired notes, which allows us to buy up to 48% of the number two and if we acquire some other consumer package businesses, there's a plan to get to a billion dollars in canada in the u.s., i don't know what's going to happen with legalization i think if you go back and look

at it, consumers want -- 90% of consumers want medical cannabis legalized, 65% want adult use. but in the meantime we're going to acquire businesses or build our current businesses that are adjacent to the cannabis business and upon legalization we'll be able to step in i feel europe will legalize shortly. germany there's a plan in place to legalize in germany we sell to 20 countries in europe today with medical cannabis. >> the disappointment around legislation is one thing, and i know there's the schumer bill and people got excited about it, but there's been excitement before hard to imagine if republicans do take congress in the midterms there's a path there is that why the stock has been down so much it's so much worse than the rest of the market. it trades like an unprofitable tech company or worse. >> well, first of all, listen, we trade a good amount of

shares over a thousand investors or shareholders are listening to what's going on. there's a lot of interest. so there's a lot of interest in the cannabis space, it's not just tilray stock is down. the whole category has taken a hit because a lot of investors thought legalization would happen during the biden administration it's not happening but one thing i am doing and the team is doing is building a company that's built around adjacent things to cannabis. we've got a great spirit business, food business, beverage business, and they're growing nicely so we'll be a good consumer package company. one thing i can say is i don't know when, but legalization will happen in the u.s. and legalization will ultimately happen in europe there's no one out there who will have the assets and the ability to grow and build brands like we will. >> the farther we get from

legalization in the u.s. and the more we see this bear market continuing, what happens to the industry are we going to see companies go away >> you're going to see companies go away and you're going see companies consolidate, just like we've done we acquired tilray and merged it we have 48% of hexo so the top three companies will either merge or get together in canada. you'll see a lot of these in the u.s. ultimately merge. so the big thing to look at tilray is it's not just a cannabis company it's a diversified company. look at our margins today, 50% up in regards to the cannabis business i will take constellation brands any time. >> really quickly, is there inflation in cannabis? what happens with pricing when you're in an inflationary environment like this? >> actually we've done a good job dealing with that.

there's definitely inflation with regards to transportation but we've taken close to $100 million of cost out of our business this year integrating tilray into it with the hexo business we've announced that we'll take over the next three years over $80 million of cost. so we've really got a lot of costs out of our business, a lot of efficiencies. but yes, there is definitely inflation. we've got pricing, we've stabilized pricing in canada there's no other cannabis company that has given guidance for next year. we've stepped up to the plate. investors want to own shares in companies that are cash flow positive and have a good balance sheet and we've done all that. >> i know you're promising it. but it was a $30 stock last year it's in the 3s irwin, thank you very much we appreciate it. >> thank you very much >> irwin simon of tilray. here's where we standing in the markets. s&p is up 1.25%.

rally day. it is being driven by some of the defensive sectors like utilities and real estate, but you've got cyclicals in the mix. industrials, consumer stocks rallying technology is having a good day. only communication service is lower and that's thanks to meta, our parent company comcast at the bottom of the list. still ahead, a top semiconductor analyst joins us with reaction to the passage of the c.h.i.p.s. act in the house and the key thing he's looking for in intel's report after the bell. tomorrow do not miss a cnbc special, "the tech trade" with cathie wood, tomorrow at 6:00 m.n bcp. ocn powe trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities.

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stocks holding on to strong gains as he head toward the close. the dow is up 342 points check out some of today's top search tickers on cnbc.com the 10-year yield right on top we're seeing treasuries rally today, a continuation of the post fed move with yields a little bit lower moving south below 2.7 today, 2.67, weaker dollar as well meta is an earnings loser down 6% ford on the flip side an earnings winner up 6%. tesla up 2% seen as a beneficiary to the manchin/schumer deal on funding of climate and and apple ahead of earnings absolutely flat. that is coming after the bell today. the beyondcountdown is on for t numbers. we'll also get amazon after the bell that story plus a slew of headlines on airlines and chips when we go into the market zone, ne xt

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with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity we are now in the "closing bell" market zone. barbara duran here to break it down chris holland also stocks well in the green after starting today in negative territory. barbara, what are you doing? are you making any moves >> not today i've been excited about this rally continuing through from

yesterday because as you know i've been buying all along and sometimes had to suffer some drawdowns. the question now is, is this rally going to continue. i talked about i think we've seen the lows. i think this last two weeks are very important in terms of information. the earnings expectations are pretty dire. they have come in pretty well. you saw that in reaction to the banks. you saw american express had blowout earnings, they were at a year low two weeks before that and of course you saw it with microsoft and alphabet yesterday. they missed their numbers but it was not as bad as investors feared of course the fed yesterday really saying, hey, we don't see a recession out there. we're going to be watching the data they have been very aggressive because i think they, and powell said it yesterday, the consumer and businesses are in very good shape and this is a real positive. >> but, barb, with the positive price action, sure, we're up

7.5% on the month. >> right. >> would you be buying cyclical parts of the market? it's working today, financials, industrials, given that we did just see a second quarter in a row of negative growth whether it's a recession or not, we're seeing the economy slow. >> i don't know if that's really sustainable. i think the gdp number obviously was not good but i think the market will be looking through that i still think you've had a bear market in tech stocks. i think that's going to continue but i think what you're seeing is a broad-based rally here. people just want to get positioned they have been underinvested and pessimistic. i think that's what you're seeing now they're rotating into groups that haven't moved for a while. >> it has been a big day i want to hit on the airlines. spirit airlines as well, shares are rallying after agreeing to be acquired by jetblue for $3.8 billion. this just today after spirit ended its merger agreement with

frontier because it lacked shareholder support. meanwhile, shares of southwest are under pressure after the carrier beat wall street's earnings estimates but announced mixed guidance and warned of rising costs phil lebeau joins us spirit fought off that merger so long with jetblue saying the regulators wouldn't approve it why now are they making this deal and will the regulators approve? >> well, they say they believe they can get this deal across the finish line. when we had the spirit ceo on "squawk box" this morning, he never gave a complete answer as to what's changed. why was he so emphatic so long that regulators would never approve a deal between spirit and jetblue and now they think they can get it across the finish line. look, let's talk about the obvious elephant in the room here, sara this is a far richer deal which rewards spirit shareholders even if it is ultimately rejected by the doj. so if you are a spirit

shareholder, you can put the gun to the head so to speak of spirit management and say make this deal, even if it ultimately dies, you still get rewarded you still get paid by jetblue. i think that's a big component of this agreement between spirit and jetblue, though nobody will come out and say that. >> so are the analysts thinking it actually gets done? >> oh, there's a lot of skepticism there look, could it happen? yes. but we know that the biden administration is already taking jetblue to court over its northeast alliance with american they want to unwind that do you think that they're going to be more receptive to a jetblue/spirit merger? there's a healthy amount of skepticism, sara >> any merger within any industry might be also a point to raise barb, what do you do about this airline trade? >> well, i think phil is right i think there's a lot of uncertainty in terms of regulatory issue

i think the biden administration is signaling important new directions here and i think you would be wise to be cautious so you can stay and wait or take the money and run. so that is not my cup of tea in terms of the probabilities here. it seems like a crap shoot. >> phil lebeau, thank you very much. president biden meeting this afternoon with ceos to get an update on economic conditions in america following today's negative gdp print marriott's ceo was in that meeting and he joins us now. what did you learn from the conversation with the president? >> i think we learned a lot. i think we learned his level of engagement with business leaders across sectors and he and the administration's genuine interests on what we're seeing, both the good and the bad of recovery we were lucky enough to have both the commerce secretary and the treasury secretary in the meeting and so we heard quite a

bit, especially from secretary yellen about the moderation in economic growth but at the same time the strength of the labor market and her view of the power and sustainability of that growth in labor. >> we heard from the president and the treasury secretary publicly and the theme from the white house is we're not in recession. just because we're seeing two negative quarters of gdp certainly your industry is not in recession it was the bright spot of the whole gdp report you're seeing double-digit growth in terms of american spending on leisure right now. is that continuing >> it is we've got earnings next week the president asked a lot of questions about the pace of recovery we had great news to share with me and both secretaries. we continue to see strong forward bookings, we continue to see deep levels of pent-up demand, and we continue to see the short of strong pricing power that you and i discussed when i was last together with you in new york.

>> but even if we're not in recession and certainly not in parts of the economy like in services and leisure travel, tony, we're shifting down on the economy and this report makes a recession more likely to happen quicker. so what are your expectations for that consumer spending >> well, again, as we talked about last time, you look at the confluence of inflationary environment, rising interest rates, rising fuel prices, it's not an unreasonable question to ask how it's impacting our business but the summer has been a blockbuster. our forward bookings into the fall look very strong. we see steady recovery in business travel. group demand has been a real strong portion of the recovery and leisure continues to be exceedingly strong. >> is inflation coming down in your sector at all i was looking at december trips. it looks awfully high priced >> well, again, we continue to see really strong pricing power. but obviously the other side of

that coin is wage rates and other expense item inflation continues to challenge margins, so we're watching it closely on both the top and bottom line. >> one of the best cases that we have for not being a recession is the labor market, which is strong and something obviously the treasury secretary highlighted. how does it look from your vantage point hiring right now >> here in the u.s. pre-pandemic we had a fairly steady run rate of at any one time about 6,000 vacant jobs. today we're plus or minus 8,000 jobs we've seen a 40 or 50% uptick in application volume, which i think is quite encouraging for us >> that's good to hear so expected to continue, tony. there are some questions -- there have been questions along the way about the administration's engagement with business you're there, you're there for a ceo meeting. is this the first time you're

there? is this the first time you're having these discussions with president biden? do you sense there's a change happening here >> well, it's my first time, but you'll recall my predecessor sat on president obama's export council. so i think as a company and as an industry we remain heavily engaged with the administration sharing our perspective on areas where they can help continue to grow travel and tourism, and i think a great example of that is all the leadership secretary raimondo showed on rolling back the requirement for inbound international testing. the u.s. travel association came out just last week and said they believe the impact of that change in policy will drive more than 5 million incremental new visits to the u.s. and over $9 billion of incremental spending. so i think the dialogue continues to be critically important. >> tony, thank you very much for giving us a snapshot into the meeting. we appreciate it >> thank you, sara sorry to be late

>> no, all good. yeah, you had a date with the president. it's okay, you made it the ceo of marriott. with seven minutes to go here of trading, qualcomm is under pressure today, beating earnings estimates but giving current quarter guidance short of expectations intel also in the red today. that company reports earnings after the bell just minutes ago, the house did pass the c.h.i.p.s. and science act. it now goes to the president for his signature to become law. joining us is susquehanna senior analyst chris roland is that already in the price of these stocks, the c.h.i.p.s. act passing? >> this actually came down to the wire and was of debate this is of particular importance for intel, which will be getting a nice chunk of that $50 billion plus that goes to the president to be signed. >> do you think it's already in the stock? >> for intel, probably, yes. but intel has some bigger

problems beyond long-term capex, namely the pc market we believe this quarter >> so you're looking for what after the bell >> we are indeed looking for some sort of weakness or a miss for 3q in particular versus street numbers we've done our checks via the supply chain, taiwan, odms and we're seeing weakness. we're seeing significant deceleration in the pc market in particular, and we think that's going to weigh here. >> all right pretty cautious. we've got to leave it there, chris, we'll have you back on. sorry to keep it short with president biden's meeting just wrapping up. shares of meta, under serious pressure today, missing analysts' estimates while reporting its first revenue decline as a public company. joining us is cfra senior

research analyst, angelo zino. first of all, do you buy meta on this sell-off or not >> we don't. you know, we've been on the sidelines with this name since the middle of last year. for the most part we view the stock as a value trap. i think the bulls will talk about the momentum that you're seeing right now on reels and how that's the answer, really helping engagement levels and what have you. but at the end of the day that's going to be a very long transition and when you put the capex investment, this is just an absolutely enormous undertaking for zuckerberg in nature we just think that this is a name that's likely going to be trading at depressed multiples in the foreseeable future until there is some sort of clear path towards that metaverse vision. >> you're on hold, but you still have a $190 price target, angelo, right? >> no, we don't. we don't clearly i mean this is a name

that's been -- the guidance they gave was a washout in our view clearly at any point in time this is a name that could bounce that being said, we're telling investors to just wait on the sidelines until we see greater visibility, at least on the ad side of things and some sort of recovery there. >> barb, do you agree, hold off until the metaverse becomes more of a reality >> well, it's interesting. i mean i can see -- i agree with angelo in terms of having a hold, but very short term because they're setting up actually for a good year next year remember, this is a company that has proven itself over and over again in innovation. they have had some challenges, regulatory issues are still a challenge, but the user growth was very good. people expect -- it means the network effect is live and well. when you look at reels, tiktok is probably eating their lunch in that space but reels is only

a year old stories took three, four, five years to really get to full strength so reels could be -- could have a real tailwind next year. and ad spend and recover, because there's a macro issue that's affecting as we've seen the last few weeks, affecting all these companies. let's look at the valuation. this is a five-year valuation trough the stock is down over 50% year to date and so i think the risk/reward is very interesting. i own it and i am holding it. >> all right we thank angelo zino we're about two minutes to the bell, barb we see another strong session for the nasdaq up 1%, just building on the gains that we've seen for the month and so far for the week so you're -- you've been a buyer. what would you be looking for as far as the next catalyst, now that we sort of have jay powell sounding a little less tough, i would say, on inflation and rate hikes? >> yeah. he's sounding a little less

tough but he made it clear he's committed to fighting inflation. i was beginning to worry that he was so committed to fighting inflation that he would go overboard and go too far what i heard yesterday is he's back to watching data-driven information. they're not meeting until september. we have another cpi report coming in and two more jobs reports, and that's going to be key. because we start to see a real rolling over in jobs, that can stay the fed's hand. but right now i think that's what's happening we've got a few things to watch and of course the inflation numbers always being watched like a hawk and jaobs. those are the two things we're watching and we've got a few of them before the fed meeting in september. >> barb, thank you with the dow up 338 points as we head into the close, the biggest contributor to the dow gains is microsoft. honeywell, united health and goldman sachs are all contributing here. the drags are travelers, amgen and merck. s&p 500 up nicely 1.2%

every sector strong except for communication services what's leading real estate, utilities and industrials. what's lagging the only sector down is communication services, off some media weakness as well as meta netflix is down today, so is comcast and charter. there is the bell. another healthy gain for stocks, including the nasdaq finishing up more than 1%. into "overtime" now. that's it for me on "closing bell." see you tomorrow sara, thank you very much. welcome, everybody, to "overtime. i'm scott wapner, you just heard the bells. we're just getting started right here at post 9 at the new york exchange and we have a very big and busy thursday on tap for you. apple earnings breaking at the bottom of the hour amazon's numbers are imminent. intel and roku any minute now and of course we will guide you through those results and the stock moves that follow. we begin with our talk of the tape the last of the mega cap tech earnings to deliver their results but will they deliver for you, the investor. that i