that will be broadcast by fox, a cbs game that will be around the 3:30 time slot that the s.e.c. game fits under, and -- >> that's how s.e.c. plays >> that's moving to abc/espn nbc gets the nighttime game, like sunday night football >> people think the big ten, s.e.c., everything else -- >> commissioner kevin warren, congratulations. that's it for "power lunch." >> "closing bell" starts right now. stocks are stuck in a range today as earnings, data and the fed remain in focus. most important hour of trading starts now welcome to "closing bell." i'm sara eisen look at where we stand in the market dow is the only one that's down. really it's unchanged. the s&p 500 up, it's a turnaround from this morning energy, technology and utilities are the best performing sector real estates and health care are

not doing so well. nasdaq is up a quarter of 1% the chip stocks are doing well cisco, also strong off the back of earnings. here's our chart of the day. it's bed bath & beyond, pulling back sharply from its meme-driven rally after ryan cohen revealing his intention to sell his stake much more discussion about that in a moment. also ahead, former disney executive and former tiktok ceo, kevin mayer will join us in what has been a busy week of news surrounding streaming. we'll get his thoughts on strategies from disney, netflix, amazon and others. we'll talk to the ceo of suntory. he'll have his read on the high-end consumer. that stock is up 5%. let's kick things off with the market dashboard mike santoli is here as always with more. what are you watching? sector leadership? >> sector leadership for sure and the fact that the markets

are able to hover here we've been a bit overbought after that rally off the june lows flat for the week. about flat for the day market breadth today is about 50/50. we're levitating at these levels you could draw a line frth january peak to where we are now. this is a natural place, a lot of folks would say they should pause, maybe it rolls over a little bit i would say as long as it stays above or in the area of the early june highs which go back to, you know, last summer when we kind of launched off of these levels, just under 4,200, it's routine, a no big deal pull back if we even get that. i find it good there's still skepticism out there about the

nature of the rally that we can feed off of for a little while in terms of sector leadership, it's not the clearest story. utilities making an all-time high as well as a high relative to the s&p 500 this is a two-year look. it shows you that utilities and industrials are exactly neck and neck the difference being industrials much stronger through last year, had a bigger decline they've come back a little bit to me, it doesn't say utilities are at an all-time high, that means the cycle is bad and all about bond proxies not quite. industrials have participated. home builders, that's where the cycle is having its challenges this peak up here. yes, it's bounced. that's an area where it's not quite certain that it can pick itself up and participate in the leadership of this market. >> what are you saying with that, it's a confusing period whether you should be in cyclicals or defensives? >> somewhat confusing. the messages are mixed

the u.s. economic surprises have improved quite a bit from low levels i think that's what the industrials are telling you. they averted an immediate real entrenchment we got the good philly fed number it seems as if that part of the economy -- however, consumer discretionary, not really showing as much because inflation taking its toll on consumers. >> the housing data goes from bad to worse >> big part of that. >> mike, stick around for the next story we know how much you love memes. shares of bed bath & beyond falling hard after ryan cohen said in an s.e.c. filing that he intends to sell his stake in the company. the filing showing cohen's rc ventures propose selling 9.45 million shares the stock is still up 250% in a month. joining us is susan anderson who just this week cut her rating on

the stock to sell is $5 price target was ignored as the stock then ran up to new heights. what do you think the significance of ryan cohen having sold or planning to sell his stake is >> we downgraded on tuesday, and our thesis was a valuation had run up prior to that 320%, and then shortly after that, it came out he had bought these calls at significant higher prices than where the stock was trading. i think that helped to rally the stock up further but i think the news that now he is looking to sell everything, you know, is obviously pressuring this stock. our call is really based on valuation. so we have a $5 price target, 22 times next year's sales on ebita sales basis. i would say that's pretty typical for struggling retailers that don't have profit it's trading at point five times

now, which is more indicative of a healthy retailer that has profit we continue to think that the stock is overvalued. i think as this meme fanatic lets its air out, we will continue to see the stock go down >> it's almost ridiculous to put out fundamental analysis in the middle of such a period when the stock moves 20% to 100% on a given day. how bad a shape is bed bath & beyond in right now? fundamentally. >> yeah. when they reported first quarter earnings back in late june, they missed the street significantly more than double you know, at that point in time, mark left the company and the ceo position is now in flux. they said at that point that the comps for second quarter were running down mid 20% range they also said at that point they expect those comps to improve in the back half, which we don't see that happening. we have not seen any indication that they have improved.

we heard from target and walmart. they have been able to clear through a lot of that excess homer merchandise. i don't think that's helping them at all. they do have, you know, liquidity. we estimate at the end of the first quarter they had 900 million in liquidity they'll need this stock to cash burn at some point soon, otherwise that could run out quick. >> that was susan's take on the fundamentals meanwhile, record volumes, crazy trading activity gamestop all over again? >> it echoes gamestop in terms of the ingredients heavily shorted stock, one that was a household name the familiarity with the brand and having goncae to the stores matters when you talk about this populist movement of a social media stampede into a stock. the ryan cohen association has echoes of gamestop

if you look at a trailing price to sales multiple, it's right in line now i think with a gap or macy's or kohl's the issue is that doesn't account for what's happening on a forward going basis to those sales, to bed bath & beyond, which seems like it's headed for something worse than some of those other ones now it's in a sense being returned to the hands of people who are probably more likely to care about the immediate business prospects as opposed to are we going to have this big options-driven melt up to the upside because somebody seems to own something. >> it's still three times as high as susan's price target susan, are you in touch with the company? the other thing that reminds me of gamestop, we have not heard anything from the company. they're not issuing new shares as of yet, something cramer has been urging them to do to take advantage of this financial lifeline they have a brand-new ceo. how are they reacting to this? >> we talk about that in our

note, too. they did have a little communication or blurb out the other day saying they're speaking with the banks on restructuring their debt and figuring out ways to move forward. i think we'll hear more when they do report the second quarter earnings it sounds like they're working on something >> okay. susan, mike, thank you both very much bed bath & beyond now tanking. netflix is reportedly considering a big change in its ad-supported tier. we'll discuss that news and a slew of other streaming headlines with former disney and tiktok executive kevin mayer you're watching "closing bell. dow is down 11 points. s&p 500 and nasdaq in positive territory. s&p is led by energy information technology is also strong we'll be right back.

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subscribers to the new ad tier may miss out on a key feature of the streaming surface. a new report saying the company will block its download feature in the new cheaper plan. the move comes as netflix deals with lagging subscriber growth and disney plans to release its own ad tier later this year. a netflix spokesperson telling cnbc this is all speculation at this point joining us now is kevin mayer, former tiktok ceo. we wanted to start there, you have been all over this move by the streamers to go into ad-supported tiers

do you think netflix could pull it off if they decrease the value for customers? >> first of all, nice to be here thanks for having me yes, i do think they can do this there's a massive amount of demand for advertisers for premium video placement. as the linear television audiences have shrunk so dramatically, you can find those audiences being replaced in these over-the-top services. there's plenty of demand from the advertisers. there are consumers who i think will feel well-served for a lower priced option if they're willing to put up with advert advertisements there's massive secular tailwinds. i think it's a great move. i'm sure they can pull it off. >> can they pull it off and become profitable? it's been a whole rethink about wall street about whether streamers can do this profitably >> i think the streaming business is inherently profitable

the pricing has come up. people are getting more judicious about spend, they're spending a huge amount about great entertainment product, which is where my company, candle media, comes in the growth in that spending has mitigated to some degree there's a renewed emphases from wall street not just on the top-line subscriber number but also the bottom-line that's healthy it will serve everyone's interest i think fundamentally streaming is a profitable business there's no reason this shouldn't provide stable and ongoing returns to the successful players. >> does disney just have to, i don't know, hike another four times? i've already said for my kids i would pay a high amount of money for disney plus given their addiction to some of these movies is that how it's going to go >> you don't have infinite pricing power. netflix had a substantial pricing increase i believe the number of disconnects and the churn from

that price increase surprised netflix. i do think that for instance with disney plus, this is a big price move adding $3 to a $7.99 base price is substantial i think you'll see some fallout from these price increases i would have expected disney to probably price their ad-supported tier lower than the current price. even at the current price, they only added 100,000 new subscribers the last quarter you might look for turbulence arising from this one price increase i think the prices still have a ways to go i think it will be done over time and titrated carefully in the future >> you thought that was aggressive you alluded to the fact they're spending less as they focus on profitability. is that something you're feeling in your company, that you're doing as the content provider? are we seeing valuations come down for what the netflixes and the disneys and the warners of

the world are willing to pay >> i think there's a flight to quality. they're not spending less. the growth in spend will be mitigated. they were growing at strong double digits. the spend may come down to the single digits. netflix is spending 17 billion this year, probably going up to 18 billion next year disney spending 30 billion on content. there's a huge amount of money being spent on content the key is having the right content that will attract subscribers and re tatain subscribers. there's still a competitive environment in the streaming world, if you have the goods like candle media does, we are in a great position. >> the other thing that's happening is this rebundling of media. we have this anticipated combination of hbo max and

discovery plus, disney sells a package with espn, hulu and disney plus. wasn't the whole promise of streaming to get away from the cable bundling >> let's look atthe bundling the cable bundling was you couldn't buy a cable package unless you bought all sorts of channels, 100 channels, 150 channels that was the basic offer it was a forced bundling a lot of people were playing for sports who didn't like sports. people paying for certain types of entertainment who didn't like that so there was that sort of bundling where you don't want to buy things that you don't consume, that's a thing of the past i created a bundle with hulu, disney plus and you could choose to buy your own bundle at your own option and get a substantial

price decrease that serves the customers. forced bundling to gain entry into a package that's by in large dramatically reduced and now it's up to the consumers to bundle what they want to bundle >> it's not a rebundling -- you reject my term >> you are not forced to buy other products you can, if it's convenient for you and if the price is lower to buy a bundle, it works for both parties. the providers get more subscribers and certainty, and it works for the consumer, they get a lower price. this is a win-win for people what do you maybe of dan loeb reentering the disney stock and calling for some specific actions from bob chapek including spinning off espn. >> dan loeb is a smart guy he came in and out of the disney stock over the pandemic. i think he made a bundle on

that i would suspect, or he wouldn't be back in i think it's a smart move. he bought disney when they were at a cyclical low. i think they have a great runway in front of them to increase their share price. there are arguments for and against, i suppose on the one hand, sports is not as strategically compelling to disney as it once was. espn was the must-have channel in all the channels in the cable bundle, as you were trying to get enhanced carriage terms for abc, disney channel, fx, abc family or free form as it's called now, when you wanted to bring those into a sales process to cable and satellite operators, espn was valuable now that everything is disaggregated from a forced bundle and espn will be sold over the top directly to consumers, that bundling effect

that was so strategic to disney is no longer there the reason to owning espn, probably less strategically compelling than ten years ago it's a great cash flow engine and disney is making a lot of investments in streaming, theme parks. it helps to have a dig cash flow generating machine this will come down to the judgement of the disney management team. they're smart about this stuff and disciplined. >> the other proposal on the table from lobe was to take control of hulu. you know the complexities of that option for disney to buy the remaining option of hue lie from our parent company, comcast. what do you think happens here >> i actually negotiated that deal, to >> i know. >> one of the last things i did at disney was negotiate that deal with comcast.

there will be a purchase of disney in 18 months, no matter what comcast has the right to make disney buy their share, disney has a right to call the share. it is going to happen. that's happening in 18 months. dan said, if i read his letter correctly, he thinks it should happen sooner than that. i think it makes sense ihulu was a strategic acquisition. it's nice to have those three services it's just -- it's interesting. it's a tough call. >> it sounds like you're in favor. finally, kevin, your other previous job, ceo of tiktok. wanted to ask you about that in the news every day, and the latest the "wall street journal" is reporting is that amazon is testing out a tiktok type feature for people to make videos in their streams of shopping habits.

meta is facing facebook. alphabet is chasing tiktok do you think any of them will give tiktok a run for their money? everybody wants the growth and demographic of tiktok. >> it's interesting. tiktok is a cultural phenomenon. it's product victory is beyond argument they have an incredible product based on artificial intelligence and then simplicity of creating decent quality videos from consumers can create as a feedback loop, it's a very powerful product of course, given the cultural affinity it's been able to establish. everyone wants to copy them. i don't think copying a vertical scroll is enough you need the network effect of having 1 billion users on it the content creators that whole universe, content creation feeding back to the audience, that positivity and that flywheel is hard to

recreate i understand the desire to do so i think some folks like instagram, in a better position to do it they have that audience flow and a way to promote the videos and make money off of them as far as amazon and others doing it, it will be difficult if they're trying to recreate the tiktok ecosystem, good luck. i don't see it happening >> kevin mayer, thank you very much we could go on all day we'll have you back on soon. appreciate it >> thank you candle media, former tiktok and disney executive. my, what big earnings you have shares of wolfspeed are sprinting higher today on the back of quarterly results. we'll talk to an analyst who raised his target. wolf is up 30% the dow turned positive now joining the s&p 500 and nasdaq we'll be right back.

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. check out today's stealth movers it's a double today. mattel and hasbro. bank of america giving mattel a buy rating because the toymaker completed its turnaround and is in growth mode and giving hasbro a buy rating because it has one of the best-ever content lineups including new marvel, "star wars" and dungeons and dragons products the s&p 500 down more than 10% in 2022. but one area that's working well, liquor stocks. brown-forman up 12%. there's suntory which makes high-end liquor, that's up 5%. the industry is dealing with headwinds and some customers are beginning to trade down to cheaper options according to some of these companies. the ceo of suntory, takeshi niinami joins me now

revenue is up over 15% for suntory over the year. talk about what is driving the strength right now in this increasingly uncertain global growth environment >> the strategy of the premierization has been so successful to bring attention of t the -- we've been working on premium brands that's the key factor. even though the headwind is ahead and we are under way as well and the supply chain is affected, but we can go through those difficulties >> i want to talk about those things to your strategy around premiumization what are you seeing right now from the consumer as far as trading down to brands that are less expensive in how much is it

happening and where? >> i think consumers still want to enjoy the premium brands. even they do not sell -- or buy like that. i think the dependency has been staying around plus, we've been increasing quality. and we could have investment in distilleries in kentucky and uk. that is, i think, appealing for consumers. they get the improved quality. i think that's our strategy. >> what about the supply chain has it improved? >> yes we've been more or less increasing inventory by catching

the information that we will face challenges. for the soft drink segment, we still are picking up inventory levels so, we took very early action to face up to the challenge, such as in china, such as east asia they are the center of the supply chain >> what are you seeing as far as trends i feel like for a while there was a move into hard liquor, especially scotch and whiskey, which has been great for you it feels like now tequila is having a moment. do you think it's a lasting trend or just a fad or what? >> i think definitely tequila trend is a key factor for us to focus on

this trend will last quite awhile we have to definitely be more focused on tequila as well as american whiskey still american whiskey is doing great, but we have to be more -- give more attention to tequila >> everyone on my instagram feed is drinking agave-based tequila. quick question on japan. we have seen the japanese yen weaken significantly obviously that is helpful for your earnings. what will this mean for the japanese economy as it tries to come out of the covid slump? >> as a matter of fact, current japanese yen situation is not good for japanese consumers. it's pretty much -- it's difficult for consumers to accept the price hike.

so we can't increase the prices so easily. their mindset is still in deflation. it's a huge challenge in japan >> well, i guess good for american travelers, not japanese consumers. great to have you on it's like 30% off everything over there takeshi niinami, ceo of suntory, appreciate it. >> thank you still to come, jpmorgan says we're currently in the most supportive environment for investing we've seen all year. he'll join us with how to play it next.

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what is wall street buzzing about today? turkey and a shock central bank move and fears of a currency crisis turkey's central bank cutting interest rates 1 full percent while other parts of the world are raising interest rates to fight inflation. turkey has a big inflation problem, 80% inflation right the central bank directed by president erdogan who fired other bank chiefs before for not listening to him is going the other way to boost economic

growth the problem? they're wrecking their currency which is making the turkish people poorer. the lira is at a record low. it's a similar playbook as last year and it raises the odds of a default. it's not the most interconnected economy, especially for the u.s., once emerging markets fall it can lead to a domino effect and exacerbate the global growth issues another problem to worry about right now, the strong dollar/week turkish lira we are accelerating some gains. s&p 500 is up 0.4% financials just turning green joining consumer discretionary in the green, warner, hasbro, tapestry leading that charge the only thing red now is real estate and health care when we come back, st. louis fed esenjas lld rowing cold water on the speculation

that the fed could cut interest rates. that's ahead

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talk about a howling success. look at shares of wolfspeed. they're soaring 30% on strong quarterly results. that story and cisco climbing higher, and whether market speculation over rate cuts is premature when we take you t nede the markezo dow is up 54 points. we're gaining ground in the final hour we'll be right back.

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♪ we are now in the closing bellmawr ket zone. bva c frank holland is here on cisco and colin rush on wolfspeed. we'll kick it off with barbara durant the dow is positive. it's 40 points up. the s&p 500 up a third of a percent. this is kind of a familiar pattern. we've had some attempts at weakness this week, and then a reversal it does feel like the uptrend for this market is intact after four straight up weeks are you a growing believer that this could be something more lasting, perhaps a bull market >> yeah, i absolutely am i think it is the early stages of a bull market that started in

mid-june and i am not a believer in the bear market bounce theory. if you look at this current rally, we know why it's happened in terms of earnings expectations, they were way too low. that came in positively. investors were underpositioned but, you know, right now you've seen a broad-based rally which usually marks the start of a sustainable rally. you also have the market going up or holding steady on bad news, like the china news on monday and all sorts of other things that's also an indicator of a bottom being put in. we have seen the lows. right now a pause would be normal given how fast we've come in a short time. the s&p is up 17%. still down 10% on the year nasdaq is up 22% since mid-june, though that is still down 17%. the market pe is at 18 i think it would be normal for investors to say what's going on we have the fed meetings coming up jackson hole next week how far and how fast will

inflation falls. i think if there's giveback, it will be small. i think this is positive action. still a lot of cash on the sidelines that needs to be put to work. >> barb, one reason that the bears are not fully convinced is the fed. new this afternoon, st. louis fed president james bullard said he is leaning towards a 75 basis point hike next month saying the market speculation over rate cuts is definitely premature at the same time, saying fears of a recession are overblown this coming in an interview with the "wall street journal." the markets are giving about a 58% chance of a 50 basis point hike at the september meeting. this is the risk that the fed goes even more than expected, not just in september, but into next year where the market is pricing in cuts. isn't that a risk to the rally >> well, yes and no. i mean, i think the market is pricing in the fed continuing to raise rates. i think the fed has done a great job by most accounts the fed has regained their

credibility and i think that's what was interesting in the "fed speak" a day or two ago. they reiterated their commitment to fighting inflation but also said we will be data dependent, which they said last time. to me, that's code for we do not want to overstep here and slow down the economic situation too much so i think that's a positive thing. my feeling is the risk here is to the upside. inflation could subside quickly. much more than people are expecting because if you look at the inflation of the last ten years pre-covid, the fed had difficulty getting to 2% those forces are still very much at play. that's about technology, automation, the global supply chain. we had huge disruptions in demand and supply. and a lot of companies, including cisco this morning, talked about how supply constraints are easing so that is -- that rebalancing is happening so it may just coincide with

what the fed is doing. and they may need to ease up sooner rather than later but they are not about to until they see the whites of their eyes so there is still lots of risk that's why a pause here would not be surprising given all the uncertainties still out there. >> i am with you the supply chain to be easing, hear that. that's maybe transitory, longer than expected transitory part of inflation. but wages and food prices, shelter, rent prices not easing so much so i think that will be a key tell on inflation. but i do want to hit some more movers here, barb. cisco is the big winner in the dow after beating wall street's estimates on both the top and bottom lines they issued stronger than expected revenue guidance thanks to easing supply chain issues and strong services growth as well something the ceo, chuck robbins, discussed earlier on "squawk on the street. listen. >> the annualized recurring revenue was up 13% this quarter

which is a real indication of future software growth we're beginning to see the benefit of what we've been working on the last five, six years and seeing some of that predictability coming back now that supply chain is stabilizing and easing a little bit. >> frank holland joins us, covers the stock frank, good revenue guidance profit outlook a little light. why are investors so bullish it's been a while since we've seen a move like this for cisco. >> it's really those next level metrics that show the resiliency of cisco through those major supply chain challenges as well as the loyalty of customers. remaining performance obligation really a key right now stands at $31 billion. this is product to services, invoice to customers that hasn't been realized as revenue that 54% is expected to be realized as revenue the next 15 months $17 billion. that's money spent by current customers.

that increased by 17%. aar increased 13% for customers that were told, hey, you have to wait and they were willing to wait and continue to spend cisco was able to withstand inflation and one of your favorite phrases, currency impact on the stronger dollar. microsoft and salesforce had flagged as headwinds the euro falling 3% to the dollar they were also wrestling with inflation concerns, higher wages and a lot of other factors that could have influenced tech spending. >> i think it was the bullish demand robbins sounded like there was no slowdown when he was talking this morning about u.s. and asia frank holland, thank you very much. check out shards of wolf

sp wolfspeed. revenue came in ahead of estimates. improving estimates and its growth steerory is empowering ts you raised the price target to $120 this morning. why is this coming as such a surprise, collin, what the company reported. >> there's a handful of things going on underlying those strong results were the benefit of some improved yield at the facility that they have in durham and silicon carbide is a material that's very difficult to deal with wolfspeed has about a 60% share on the material side and moving that through to semi conductors can be challenging what we heard was one accelerating demand and my gr migration demand and secondly we heard that they're making real progress on technology yields at the durham facility, which should translate into the much longerer facility in mohawk

valley where they're going to ramp pretty aggressively there's really substantial upside to earnings growth but more importantly the yields and what they're predicting for that facility and their ability to scale up that facility and another facility. >> for those of us who aren't quite as well versed in silicon carbide, is it a play on evs >> about 75% of the new bookings or the new designs that they have so just to put this in context, silicon carbide versus silicon can add 15 to 20% range to the ev in the inverter it's a substantial efficiency measure for these vehicles when you think about the amount of silicon carbide that ends up in a vehicle and getting the extra range out of the battery, it's a tremendous lever for all of the ev makers. >> raising the price target today to 120 from 105.

thank you for joining us we'll get back to the broader market because our next guest says we're in the best environment that that we've seen all year you say that after the s&p has run 17% from the lows? >> thank you, sara when i say that, i say that on behalf of multi-asset investing and kind of a balanced approach. one of the things that's really changed since the last time we spoke has been a dramatic fall in gas prices. what that does is it breaks the feedback loop between high gas prices, high headline inflation, a fed that's chasing inflation, high interest rates and poor sentiment. that's getting broken now. gas prices stopped rising on june 14th. lo and behold, sara, that was

when rates stopped rising at the same time. because of that, we have closed our underweight to stocks. now, we're stopping short of saying go overweight stocks because there is still some sort of shoe to drop on earnings and margins which we're thinking about. however, on the fixed income side really compelling yogi berra was talking about the fixed income markets and he'd be saying just because the fed is raising rates doesn't mean rates need to rise the fed has moved 75 basis points two meetings in a row and 10-year treasury is 50 basis points lower, not higher when you get fixed income to become a defensive part of your portfolio and a diversifier, i think that improves sentiment to taking risks the other piece here is volatility so the vix and the move index have both moved lower. that is of course going to help

sentiment. disinflation feels a lot better than inflation we've closed our underweight to stocks, neutral equities and fixed income makes a lot more sense for us. >> barb, he's speaking your language. >> you're not kidding. i was saying music to my years i'm going to repeat that yogi berra quote. he's right you saw gas prices coming down you saw the housing starts number yesterday it was a disastrous down 9.6% versus 2.5% estimated and today we have the existing home sales so that is taking a lot of pressure off pricing is still holding up there but that should start to come down too so these are all disinflationary forces but they are not pointing to a recession. the market was very concerned about recession in the not-so-distant past. so we're finding a nice combo of economic slowing down, cooling down inflation and 3.5%

unemployment rate of people working. it looks -- it looks like threading the needle in terms of a soft landing is highly possible >> sara, one of the things, though, that i just wanting to make clear, we do not see the fed stopping and i think that's still priced in. so there's about 135 basis points left of tightening between nowand the first quarter of 2023. but i continue to believe that the fed stays on this track of going to another 130 basis points or so through the first quarter of next year, it's a much slower pace but it's something stocks can handle. it's like a new 25 basis point highs is the new pause and i think stocks would appreciate it. >> really, really quickly, phil, what's the leadership? is it defensive stocks or is it cyclicals or the tech? >> we're not talking about a gangbuster growth story. if growth is stocks, growth

stocks make more sense to us. >> barb, growth stocks >> totally agree yes. for the same reasons in terms of economic growth. stick to high quality, cash flow growers, but i totally agree with phil. >> all right, you guys are synpatico. thanks for joining us in the market zone. as we head to the close, all four major averages are higher and the s&p 500 has gone back into positive territory for the week, pretty much unchanged. tomorrow will be the determining factor but we could be looking at our fifth week in a row higher for stocks if we continue on this trending the nasdaq has lost a bit of steam in the last few minutes but still positive the dow just turned negative as far as what's working and powering us higher, it's energy today. wti is back over 90. technology is also strong today and you can thank the semi

conductors onsemi up 7% cisco up almost 6% that's a big move higher as well so it's not actually the mega caps leading as we have seen it's some of the other tech players. what's not working, real estate, health care, communication services and consumer discretionary just ticking into the red. it does look like we're going out with a positive close for all four major averages. the russell 2000 leads small caps by 0.6. that does it for me on "closing bell." into "overtime" with mike santoli. >> welcome to "overtime." i'm mike santoli in for scott wapner we're waiting areswaiting resul for applied materials. we'll bring you the numbers as soon as they talk. we begin with the talk of the tape the bulls facing down the hawks. two fed officials calling for more tightening. st. louis fed president james bullard is leaning towards another 75 basis point