$20,000 for pell grant recipients relief is limited to those earning less than $125,000 $250,000 for couples it could affect up to 45 million loans the federal government, the largest lender, $1.6 trillion in loans for many of the people it will wipe out their obligation on student debt so that's it thanks for watching "power lunch. "closing bell" begins right now. stocks mostly higher but well off their best levels of the day as the major averages try to gain back some of the ground lost earlier in the week. the most important hour of trading starts now welcome in to "closing bell. i'm mike santoli in for sara eisen. straight to the market dashboard showing you the s&p 500 really trying to hang tough in august, above the 4100 mark. just to rewind, almost 19%, if you take interday low to high from june up to last week's high, pull back about 4% of

that there's been these intraday rallies, some traction along the ten-year treasury above 3% as well as the dollar index staying near its highs and oil firm. it seems as if the markets are held in check but stocks are maybe outperforming what you might expect them to do given the other factors. take a look at small caps stocks, about three-quarters of a percent relative to high yield debt the high-yield etf and longer term investment grade bonds. you see the high yield debt proxy has gone in sync with smaller cap stocks which are consumers of riskier credit. this is a one-year chart you see they've come back in sync and this rally in high yield relative to safer, longer term debt, is significant. it shows you less stress in the system although, of course, still down on an interday basis, spreads widening out that's the setup going into that jackson hole conference with a lot of these macro inputs also

filtering into the equation including from housing let's get to this morning's new news, pending home sales fell 1% from june to july down nearly 20% from a year ago according to the national association of realtors that was slightly better than what analysts expected prices down about .75% in three years. joining us to discuss is head of agency nbs research at bank of america global research and the senior home building analyst at ubs. good to have you both here gina, would love to start from a top down view through the lens of mortgage finance. we've seen a pretty steep retrenchment in the number of new home sales, the amount of housing turnover now we're seeing a bit of a price response, affordability became very challenging. does this mean we're in for another down leg in housing or are there signs of stability or equilibrium emerging here?

>> yes, so thank you thank you great question the rise in mortgage rates we've seen year to date has had such a strong impact, and if you think about what that's done, it's essentially raised the average mortgage payment about $5,000. we are now seeing that first you saw it in the home sales declines, which are down about six consecutive months, and only until recently have you started to see it in price action it feels like price action is lagging a little bit, but we think we're on track to see home prices up 10% to 15% this year and potentially up maybe 2% to 5% next year >> and what's going to drive that push higher in prices more broadly? is it still the old demographic story, the supply/demand being favorable? do you think mortgage rates are going to come down in order to make them more affordable at higher prices? >> yeah, a little of both. i think we still are generally light in inventory s

increasing, we look at months supply as a fraction of what home sales are doing so when home sales are on a slower pace, what that means there's more supply in the market it's not that you're necessarily seeing all these extra units hit the market and then also, yeah, we think it's possible to see -- to end the year around the 4.25 mortgage rate that would help. >> that would be a good deal off the recent highs john, you've been upbeat about the prospects for some of the home builders. we have toll brothers results in the last 24 hours or so. how does that fit into your view the stocks still remain under some pressure well off their highs, not declining too much on the fresh batch of data. >> mike, thanks for having me. i think i would agree with your points and also what jeana was saying the data has been bad and by definition the data has to be bad in order to form a bottom

which is exactly what we think is happening the most interesting takeaway from the toll brothers call was they said that august was actually seasonally better than it should have been. it was up 25% for their nonbinding contracts versus july i'm not saying that we're out of the woods yet, but it does feel like we're starting to form some kind of base here. now that's pretty consistent with our own channel checks, the most recent of which was in the carolinas, which the brokers we spoke with on the ground were pleasantly surprised with what they saw in august but, more importantly, the buyer traffic that's coming in now seems to be more qualified, more engaged, and they believe it sets the stage for some kind of recovery in september we'll see to the extent that happens. but the bottom line is that things aren't quite as bad as the market initially anticipated in our view. >> and is toll brothers, john, an exception because of where it sits within the industry,

somewhat higher price level, a different customer base? >> it's a really good question it's a debate. some people would say you go with the higher end buyer because they're better financially healed 20% cash arguably less affected by interest rates but i think you can look at the other side of the equation, too, you know what, that first-time entry level buyer is a very needs based buyer driven by life events, marriage, children and so forth and to the extent that they can buy a home, they are going to buy a home that means moving further away from the city center, sure a smaller footprint, sure. we would favor the kind of lower end entry level need-based buyer at times like today. >> jeana, how does the outlook for what the fed has left to do in terms of tightening rates, even in terms of letting its balance sheet shrink by letting mortgage backed securities roll off, how does that feed into what mortgage rates will settle

and whether demand will remain pretty healthy next year in housing? >> sure. so the fed has probably been the number one driver of mortgage rates this year and all of the increase in rate that we've seen to date is really in anticipation of what will they do i think in june with the local peak north of 6%, that started to reverse when investors felt more comfortable that the fed had a grapple on inflation and i think most recently with the minutes that were out last week we got -- we felt very convicted that the fed was ready to do whatever it needed to do to combat inflation and then that started anticipating rates could rise further and that's why you saw this slight sell-off so i think as long as the fed doesn't surprise, which is obviously very challenging in this environment with volatility so high, but when the fed does kind of surprise and people are anticipating a more hawkish move, rates are likely to

increase spreads are likely to widen. they do have a pretty substantial mbs balance sheet, about $2.7 trillion. that is in the run-off process, and right now that is the scenario that's baked in >> john, what are the builders saying about their pricing plans? jeana talked about the chance that prices in general go up, but are they having to moderate their pricing at all >> to some extent, yes activity has normalized off of virtually no incentives over the past couple of years i think that what they're really focusing on, help on the closing front whether it's rate locks or buying down points, things of that nature, to get folks over the edge i would say we're still very much in check on the incentive activity and what toll mentioned today, what was interesting the buyer just really froze in june and july and there was no sense even having incentives because the

demand was so inelastic. now they feel there's elasticity coming back in which is encouraging. they can bump up to some extent, keeping them very low and get the buyer response >> all right, we'll see if that happens, if consumer sentiment maybe lifts off as well. thanks very much appreciate it. now representatives for twitter and elon musk meeting in court this afternoon for a hearing surrounding musk's bid to buy the company up next, the highlights from that hearing and how this week's bombshell whistle-blower allegations factor in. you're watching "closing bell" on cnbc.

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let's check out today's stealth mover, frontier airlines that stock is flying higher by more than 3% after morgan stanley resumed coverage with an overweight rating and a price target of $20 with the proposed spirit airlines merger in the rear-view mirror, the analyst says frontier as an independent company is the quintessential low-cost carrier thanks to its low fares, low cost structure and attractive margin. that stock up 3.6% on the day. bed, bath and beyond getting a boost on "the wall street journal" saying it found a lender to shore up liquidity the stock is sharply lower in the past week following news that ryan cohen had sold his stake. courtney reagan joins us with the latest on the struggling retailer i know you follow this one closely. the moves are enough to give investors and the rest of us

whiplash bed, bath and beyond has a new source of liquidity. "the wall street journal" reports the troubled home goods retailer has selected a lender to pad cash levels and potentially pay debt though who and how much isn't known in its most recent quarter the retailer had $107 million in cash down from $1.1 billion the year prior and sales is the primary source of cash flow. those are falling with total revenue down 25% in a year, again, according to the most recent quarter, $1.4 billion in long-term debt now reports have suggested that bed, bath and beyond vendors have been reluctant to ship goods for fear of not getting paid knowing how low the cash levels are the retailer has an interim ceo after transformation efforts and pushed to private label failed to gain traction along with supply chain snarls and other company missteps mike, we've reached out for clarification on the reports about the vendor reluctance and the potential of a lender but

have not gotten word back yet from the company >> yeah, so obviously so many things not specifically known such as if there is a lending agreement, what the terms might be and how that, i guess, sets up bed, bath and beyond financially down the road. just in terms of the strategy from here aside from the liquidity to get vendors shipping things to them, what do you think bed bath is in a position to do are they aggressively shrinking the number of stores have they done a bigger rethink of exactly how they're going to be approaching the market when they are in shrink mode? >> very interesting, mike. they had done a lot of the big stuff like the culling down of the stores and selling off different brands under ceo mark trenton who is no longer there and so what they had been doing was really changing around the merchandise, bringing in new private label brands, brands that bed, bath and beyond were developing and building all on their own and then putting them in stores for sales, stores that had been newly redone.

all of that was sort of either done or largely done when this big transition happened. and so right now we're really waiting to see who is going to lead the company in the longer term and what will that strategy be are they still going to push into private label trenton had a very good track record for private label at target before this and investors brought in were very excited what he might be able in terms of private label n. my personal opinion, i think it is possible to look at this, hindsight is 20/20, he did too much, too fast and at a time retail was dramatically changing and during a pandemic which none of us could have seen was coming >> for sure. it's kind of amazing it's still an $800 million market cap, bed, bath and beyond on a pretty big sales basis. thank you very much. let's check on the markets here we have a little bit of a lift in the last 20 minutes or so the s&p 500 about .4%.

the russell 2000 small caps up nearly 1%. still ahead, sofi shares moving higher as president biden announces his student debt forgiveness plan a top analyst tells us -- whether he thinks that is positive news for shareholders as we head to a break check out some of today's top searched tickers on cnbc.com. the ten-year yield holding that top spot followed byelon pot, tesla, bed, bath and beyond and wti crude. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so...

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markets are in a slight rally. we have the dow up more than 100 points here. it's been hovering above the flat line for most of the day after a bit of a morning dip the s&p 500 up about .4% as well we do also want to take a look at the twitter back and forth. representatives for twitter and elon musk meeting in court this afternoon just one day after a whistle-blower complaint raised

new questions about privacy and security at the company. david faber has been following the developments closely joins us now on the news line. david, what did we hear? lawyers from both sides, i guess, giving some indication of the points that they made. >> reporter: yeah, you know, mike, going in before the whistle-blower complaint yesterday, we had an expectation this would be about musk asking for more data, specifically to support his case the bots on the platform are more than 5% and twitter would be pushing back essentially trying to make this more about musk has to prove fraud which they think will be extremely hard to prove. then we thought things might change, today might be a different hearing given the explosive allegations and that whistle-blower complaint that we received yesterday but, frankly, it ended up being what we had expected prior to that while mr. zatko was mentioned by

musk's counsel, there was no new counterclaim or attempt paving the way for a counterclaim including this line of inquiry, it was much more about back to the basic case we want to try to prove bots are greater than 5%, we need more data to do that. things we haven't got and asked for. twitter trying to make it about, no, that's not what this case is about. it's material adverse effect which they're not going to be able to. mike, in many ways i think those listening and even with the more sophisticated take than i do, not much was brought to the table that wasn't new. >> interesting i suppose that might reflect to some degree the fact the whistle-blower complaint, while somewhat explosive and maybe damning about how the company was managed and security issues, it didn't necessarily get specifically at that 5% monetizable daily active user

figure or anything like that that seems to be at the crux of musk's case. >> reporter: it didn't you're right and, in fact, some might even say because of that it's more supportive than not. it was much more, as you say, about security and security flaws, a lack of focus there at the company. but that doesn't mean that at some point down the road, mike, we aren't going to see the musk legal team bring that in and focus on it. they didn't do it in the hearing, not to a great extent we'll see what the judge ruled again, there have been some expectations perhaps that because of zatko you would be seeing time begin to depositions and subpoenas. she didn't rule from the bench we are awaiting whatever it is that she will decide in terms of allowing for more data that musk wants. but, again, back to the issue of bots, this was about the hearing, not much new really

from both sides. obviously a lot of back and forth as you might expect. >> yeah. interesting. i mean, certainly would raise the noise level of a trial having this new information but the market seems like it feels it didn't necessarily get too much of a fresh take there david, thanks a lot. appreciate it. talk to you soon all right, natural gas prices are on the rise again today. they are up double digits on the month. after the break we'll talk to rbc's helena croft who says natural gas is the most important to watch in the energy space.

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natural gas prices hitting their highest levels since 2008 this week. the move comes as europe deals with soaring prices as a result of russia cutting off flows. for more on the volatility let's bring in helena croft. every single day a new record for european natural gas prices, it seems, there's a rush for them to fill up what they can in terms of storage, preparing for the winter what's priced into this market what do we have to brace for >> i think we have to brace for russian disruptions. the russians have signaled they will shut down the all-important nortstream one pipeline. i think we have to brace for

rolling russian cutoffs as we het into winter. russia does not want europe to fill storage russia wants to make this extremely painful for europe europe is set to impose very tough sanctions on russia on december 5th embar bgoing europ other sanction that is would make it difficult for russia to move their oil into other markets and asia i think the russians are deeply concerned about the sanctions. gas is their weapon of choice. they don't earn nearly as much money. they are going to play the gas card going into winter to make this awful for europe. >> there has been some talk, obviously europe is trying to prepare as it can, one by rationing consumption but also switching to the degree possible whether that is to things like heating oil. are all those things factors in the rest of the energy complex at this point? >> absolutely.

we're seeing the iea increasing because of the situation countries will have to burn more oil for power generation we're seeing countries say we're going to bring back hard coal. this will affect the entire energy complex and, again, and really want to be playing this strategy with europe you go forward with these sanctions that will hurt our bottom line that will go after our key engines of revenue and we're going to have to make you choose between heating and eating they really want to make this a very politically painful choice for european leaders >> and it would be, expectations it will mean a recession in europe one way or another. more broadly on the crude oil story. we have the saudi comments about the possibility of cutting back on production at the same time maybe some progress with iran.

how does that net out? >> a really important story to watch. the iranians now have the united states made their comments this comes down to a question of is the supreme leader willing to sign on the dotted line? one thing the iranians wanted was guarantees whatever sanctions relief provided would survive past january 2025. the white house cannot provide those guarantees is the supreme leader going to walk this program back from the brinks of weapons capability if the deal is done you can expect more iranian oil to hit the market in a couple months' time and the question what will the saudis do? the minister was out talking about a potential cut, lack of liquidity. we think the return of iranian barrels would be a qualifying event for opec to start talking about production cuts again.

>> interesting to hear the comments that inflation adjusted oil is cheap or relative to their own histories. oil is not high at this point. feeding all in the same direction, more production discipline >> if you want to see the energy market that is really having in warp speed in terms of prices, again, this is a natural gas store. look what is happening in natural gas, extraordinary high levels and, again, the real, real economic contractions, that's coming because of natural gas. >> even the wear and tear on people's ability to pay electric bills. helima, thank you for running it all for us >> thank you for having me >> here is where we stand in the market, still higher though

moderated gains in the s&p up more than a third of a percent the s&p 500 and the dow up a quarter of a percent the russell outperforming, the nasdaq up .6%. after the break, prime time for peloton. the bike maker kicking into high gear after news of a partnership with amazon. the cnbc reporter who broke the story next you can listen to "closing bell" on the go by following the podcast on your favorite app

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what's wall street buzzing about today? peloton. shares surging after lauren thomas reported the company will shift gears. consumers can buy products including the original bike on amazon the company tells cnbc it will look for similar deals lauren thomas joins us now to discuss. a strategic shift. >> this is really big news in and of itself. peloton was started as a direct-to-consumer business. up until now it has relied on its own website and its own stores to sell its products. the company has been through a massive shake-up this year it got a new ceo in barry mccarthy and this is someone who

is very interested in the subscription aspect of peloton more so than the hardware. you've seen peloton in the few months since he's been ceo out of the subscription business, out of last mile delivery and now is relying on third parties such as fedex and with this announcement today we're now seeing peloton take a step in retail to rely on amazon, to sell its goods clearly this company is still looking to grow its base peloton has about 7 million members today. barry mccarthy has said he wants to hit 100 million members certainly still has a long way to go if it were to achieve those goals. but it believes that retail partnerships are going to be key to that moving forward >> well, and it is interesting because while it is such a departure, the idea he is so focused on the subscription business means that peloton would retain a relationship with

the customer there is still that kind of ability to retain and sell through things if you don't think the hardware is the main thing. the other piece and i've heard you talking about this, peloton -- customers already searching for peloton products on amazon, there seems to be this ready-made known level of demand, people looking for it there. can amazon also look to other brands this is an advantage amazon has. they can see what people search for on the platform. if some vendor or brand is not yet selling on there, i assume they say why wouldn't you come and cut a deal with us >> it's important to remember just a few months ago there were rumors amazon was interested in acquiring peloton. obviously they didn't bear fruit. early 2021 close to $50 billion.

it's up a bit but around the $4 billion mark now there were some businesses at a point in time that had an interest or wanted to explore peloton as an acquisition opportunity. to your point amazon announced it was going to acquire the robot maker and that was a data play a much better sense in what the american consumer is thinking about in terms of fitness and health and wellness. >> for sure and the advertising business is helped as well lauren, thank you very much. >> thank you >> talk to you soon. sofi getting a lift on the biden student debt announcement. we'll get to an analyst what the news could mean for the lender that story and a preview of nvidia, salesforce and snowflake when we take you inside the market zone.

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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, here to break down these crucial moments of the market day, sofi's pop and nvidia let's talk in terms of the markets as a whole, they've been acting as if in the last couple of months, let's say, there's perhaps a higher perceived probability we get some kind of soft landing, that maybe recession isn't a foregone conclusion or that earnings will hold up. you seem as if you're skeptical

of that view, that we have a tough road ahead economically. >> we are. there are things the fed can't control which will keep it a bit under inflation. inflation down from 8% to 4 or 5%, but if they're resolute to getting it down to 2 they're going to have have to go into a more restrictive place on earnings that should decline as the rate hikes make their way through the economy it will be a tough time going anywhere down >> i wonder how what we might hear over the next couple of days from jay powell in jackson hole will affect that. there's a sense given what's been done, the lag effect of that on the economy, maybe there's a sense out there that some equilibrium point might be not too far in the future. >> yeah, look, our work suggests

that wages tend to lead other types of inflation and especially the stickier times of inflation. we still have wages going well into the 5% range. that will put upward pressure even if the headline comes down. >> all right let's get to sofi. that stock getting a pop today off its highs but up more than 3% president biden announcing last hour the government is canceling $10,000 in student debt for some borrowers likely to affect some 40 million loans in total. joining us with more, dan, first talk about the general implications of this move in conjunction with the fact the moratorium on paying interest on student loans will end at the end of this year how does that run up against sofi's business? >> this has been a huge drag on the stock and we're happy to see that drag go away. we've been hearing it keeps

getting extended, extended, extended when there's finally clarity there will be a big wave of refinancing and that's how sofi makes money. in 2019 it accounted for 60% and is down to 20% now in the first half if you get that refinance boom now that you have that moratorium clarity ending, i think it will be great for sofi. that's how it plays into the sofi story >> the elimination of student loan balances based on the forgiveness of this $10,000 is not going to offset that at all? people won't have the loan balances to refinance if that happens. >> it's only about 50% so the benchmark is $125,000. it's only 50% below $125,000 of income the average loan balance is $70,000. you still need to refinance the remaining balance and those with

higher income have clarity they're not going to get a pass anymore and that might help them stop kicking the can down the road and refinance people thought the moratorium was going to end, a huge boom in refinancing. i expect to see the same thing in the fourth quarter. it's happening sooner and bigger than what we thought before. that's why we're saying biden is forgiving, don't forget to buy sofi >> bottom line, clearly it's not the only business but we have a $6 billion market cap, well down from the highs of a year and a half ago or something like that as people rethink the model and what to pay for and whether profitability will be nearby >> this is a great time for sofi in an environment w interest rates are rising, sofi is lending like a bank. they're lending with their own balance sheet and they get a better cost of capital they can make a bigger spread.

we've been in this environment where lending is a problem but sofi, because it has the cache it has great management and lends like a bank, it has the best of both worlds. we're getting more calls interested in sofi there's more liquidity with softbank selling so it's that perfect environment or perfect weather for people to get back into sofi. >> we'll see if fintech is still something that has cache over time sameer, in terms of the macro implications, if any, of the student loan forgiveness, some people say it might drive more inflation, others that it would refresh household balance sheets, is there really a play in this from the macro side? >> it probably does kind of put a little bit of confidence back in the consumer's mind-set a lot of things weighed on it whether it be wages, gas prices.

this should ease some of the pressure on the lower end of the consumption bracket. it feeds back into the conversation about making the fed's job harder because now you're getting consumers feeling better again >> there is a push/pull. thank you very much. we'll catch you again soon, i'm sure we have two big software stocks both in the green today and part of the summer bounce the last few months snowflake up 23% salesforce up 15%. both since mid-june. frank holland joins us for more. frank, what will investors be watching when salesforce reports? >> when it comes to salesforce revenues increase by 21% eps declined by 31%. operating margin and q1 guided operating margin for the full year the street is looking for over

18% and there are a lot of questions about how the company will expand margins for the full year the ceo marc benioff says results are deeply impacted by the strong dollar last quarter and a $200 million hit due to currency in this report. sales force gets a third of revenue outside the americas and how that will impact margins >> for sure. a headwind and, frank, what should we watch out of snowflake? >> they all want to see growth that justifies the sky high valuation of this data as a service stock. so revenues forecast increased by 71% but eps estimates have a loss of a penny. pick a metric. rpo is forecast to increase by 84%. 2.76 billion that would be in line with the growth from q1 customers growing by 35% and

real growth during an uncertain macro time >> for sure. very strong expectations in snowflake to see if any of them really prove justified by these current numbers. sameer, as a category of stock, the higher growth, very well-regarded business models in software is it a part of the market salesforce down 40%, snowflake off 60%? >> parts of tech that can play well we like larger cap tech. but i would say smaller cap growth companies, smaller cap software companies, smaller cap growth companies are vulnerable. they've been one of the market leaders since the mid-june bottom you can throw biotech in there for the rally since mid-june we would probably be fading those types of companies

they may have a difficult time as the financial conditions tighten and it becomes harder for the high cash burn companies to borrow to fund that growth. >> yeah, and, frank, in terms of salesforce, marc benioff always has a pretty upbeat longer term story to tell. he's been doing it for a decade and a half as a public company sometimes the street listens what's the street's view of the stock at the moment? >> salesforce has a strong customer base. the question is profitability long term. the fx headwinds, margin questions. like other cloud scotts impacted by rising interest rates we've seen stocks that are at the top of the stack get hit hard by the higher interest rates. with rates increasing for the rest of this fiscal year

something to watch >> that has been one of the pressure points. frank, thanks very much. we'll catch you after the numbers are out. don't miss the ceos of salesforce and snowflake tonight at 6:00 p.m. eastern time. nvidia shares in the green today and up about 7%. our next guest says this may be a kitchen sink quarter for the chip maker the managing director of semiconductor equity research at needham has a buy rating on nvidia with 185 price target we're hoping for a kitchen sink quarter. what would that entail in terms of what nvidia says, raj >> we're certainly hoping for a kitchen sink what micron spooked us because when they cut numbers we thought they kitchen sinked it but went out and lowered numbers further.

i think some continued risk to the october guide as ethereum moves the demand goes away so there's still a fallout from that china and europe, both markets are weak there we're hoping the october guide will be a reset. we're also paying very close attention to both gross margins as well as data center on the data center, it grew 2% and decelerated on a year to date basis we need to see that business is not slowing down in a meaningful way. on the gross margin they took a $3 billion charge, inventory

charge, around 46% they took the inventory charge and took the hit initially we want to have a better understanding of what are the normalized gross margins coming out of this, what are the margins going to look like those are going to be very important. >> you mentioned the transition in proof of stake. in the gaming seg many, i think there's a little bit of a crossover. the gaming products, the chips, used for those purposes. what about the end demand for personal gaming and things like that itself? have we seen a trough? >> well, i don't think we're out of the woods yet with respect to gaming, and it's really due to a couple of reasons. i think china is about 25% --

represents 25% of their install base around the world. the chinese economy is weak. conversations with companies that sell in to china indicate the chinese economy is not recovering anytime soon. there's a housing crisis, there's multiple issues. the china consumer, we think, still has some challenges. europe is a big percentage we need to see those two markets have started to slow down. pricing has fallen for nvidia. a year ago two to three times msrps. the pricing now has fallen as more supply has come in.

i think we're not out of the woods yet for gaming >> got it. we'll see how the numbers come through. pretty modest upside to where it is trading right now raj, thank you very much >> thank you >> sameer, final thoughts. it seems like you are advising investors not to fight a fed that will have to be aggressive than anticipated if we're talking about the 36 handle on the s&p, we like large cap stocks we want people to add exposure closer to 4200, 4300, this is the time to be pulling back. oil in the 60s and 70s as opposed to the 100s where it's trading. too much skepticism there. a good area to up the exposure

>> you expect that low to hold >> we do if we do overshoot that it would probably be a generational opportunity. interesting. okay a way to benchmark expectations. great to have you today, thank you very much. as we head into the close of moderated gains, the dow only up about 67 points, about .2% the s&p up we're kind of hanging steady in august on a month to day basis, up about half a percent even as it's about 4% below its highs. we have the russell 2000 continuing to outperform, up

about 1% that could be as the dollar rises and people get more comfortable about perhaps the resill ye ienc resiliency still above 3%, a lot of the same pressure areas on stock remain 3% treasury yield, strong dollar and, of course, we await the fed in jackson hole. that does it for "closing bell." "overtime" with scott wapner now. welcome to "overtime." you heard the bells. we're just getting started from post 9 at the new york stock exchange a very big hour is ahead earnings from salesforce, snowflake and nvidia are imminent our reporters are standing by to bring you all you need to know and so is the number one ranked. nick timiraos is with us as well just as that all-important fed summit gets said to begin in jackson hole we begin with ou