lunch. "closing bell" starts right now. welcome, e everyone to "clon bell." we begin with a moment of silence here at the new york stock exchange and the nasdaq to honor the life and service of queen elizabeth ii let's listen in.

>> that was lynn martin, the head of the new york stock exchange we'll have much more coverage of the queen's death later in the hour and throughout the hours here on cnbc but first let's show you where things stand in the market the final hour of trading, we've been up and down today, all over the map. looks like we're holdings the gains with the dow up 83 points. we were as high as 200 points, as low as 259 points down. nasdaq is lagging, technology is higher but it is underperforming. we're seeing higher treasury yields the dollar is a bit weaker and

the s&p is up a quarter of 1%. what's working financials, materials. coming up this hour we'll discuss the outlook for the market, the economy and deal-making with lazard's ceo peter orzag. and the ceo of crocs will be here of the first off we'll kick it off with the market dashboard with mike santoli. mike, as we try to monitor whether it's safe to buy again we saw a big rally we're actually higher now for the week, although it's tentative today. >> it is tentative it's a little erratic, indecisive now, we're holding yesterday's bounce, which is something, about a 1% range from the morning low to the afternoon high we are around this 4,000 mark. about 2% would have this 3900

area everyone wanted to hold the market is getting stress tested by plenty of relatively hawkish fed speak. it's reiteration of the fed stance a lot of market-based expectations going forward three-quarter percent hike week after next the market is trying to figure out if that's okay if that's the last big one sentiment has taken a turn south. take a look at the national association of active investment managers, the weekly reading on this group's equity exposure it's self-reporting but these are tactical investment advisers we're barely above the june lows, mid-june lows in the s&p 500, 3600 and change you have this sentiment as well as some of the surveys showing people are very, very negative there was a lot of hedging going on last week too, sara so there is still a wall of worry in this market it's a net positive.

it's not the whole ball game in bear markets sentiment can stay negative for a very long period of time but that creates a psychological cushion for stocks it takes incremental bad news to get them lower. >> it's always jarring to hear chair powell speak so hawkishly, so volckeresque. he didn't say anything new, did he >> no. he said this is our stance, we're not going to change. we're not going to preview any dovish change. but the market is saying next week's inflation number could tell us a lot. we did hear charles evans of the chicago fed say once you get to 3.5% of the fed funds rate, that's where you have to worry about overtightening a bit so some of the faint hints of a softening stance. >> mike, thank you for more peter orszag joins us from lazard.

peter, always good to have you i'll start right there with powell and the fed tougher talk on inflation which is what we've been hearing from powell lately. what's your expectation about what happens next year on interest rates and inflation >> well, remember, the art of central banking is to make sure you talk tough and adjust to the situation as it evolves. so i think that's what the fed is doing the bigger concern is the ecb. i think they are overreacting, 75 basis point increase today was probably too much. europe in the face of a pretty severe energy and food crisis has a lot of worry ahead of it and the ecb seems to not be taking that fully into account. >> that's interesting. don't they have to, though, do it to match and keep up with what everybody else is doing, with the euro already below 99 to the dollar? >> yeah.

but the size of the economic distress that europe is likely to face as we go through the winter really suggests a little bit more caution most of the inflation problem in europe involves food and energy. it's not things that are really susceptible to monetary policy that is a somewhat different policy here in the united states so i think the ecb is falling back into an old way of thinking and not recognizing that the inflation that they're facing is largely of a different nature than historical periods of high inflation in europe before. >> i think christine lagarde wanted to believe that for a long time and they just kept seeing inflation rates skyrocket and everybody else doing 75 basis point hikes. peter, what does it mean ultimately for europe? what's the prognosis there, and what are you doing at lazard in terms of business with all of these forces hitting at once >> well, the macro situation,

again, particularly in germany where the hard stop on russian natural gas is a significant shock. combined with the fact you've got a climate-driven crisis on water and very low levels on the rhine and others is that it's very hard to ship coal to help substitute away from russian natural gas. so for now in terms of deal making, i think europe, the microstory is actually still quite active and optimistic, but the macro story i think is pretty dire. that brings us back to both monetary and fiscal policy. >> do you think that the u.s. is also facing recession? >> this is a path here look, let's just be clear, if the fed wants to or needs to create a recession in order to disinflate sufficiently, that's what will happen

it is within the fed's power to throw the u.s. economy into recession. whether that is necessary or not depends on the course of the next several inflation reads and there are some very positive signs. in particular, the supply chain problems that caused not all but a significant part of inflation today seem to be easing with freight weights coming down, and gas prices also coming down even though that's not a central focus of the fed's attention so there's at least a pathway where the u.s. can avoid a recession while still accomplishing the reduction in inflation that the fed wants to see. >> so what about in the u.s., peter, what is making it through right now? it doesn't feel like it's all dried up, but it certainly has slowed down a lot. >> yeah, but you have to remember there are some big underlying tectonic plates that

are driving not only the global economy but also the entire for transactions that includes technology, it includes the energy transition, and it includes what i call peak china and so we see a significant amount of activity coming from those forces the intel/brookfield deal we advised on is a new era of how chip foundingaries will be financed going forward, and one of many types of transactions still going forward in this environment. >> what about private credit i know you wanted to talk about that as it's a source of growth. what is with the explosion of private credit everybody is doing it. even the big banks are getting involved is there enough demand and what does that tell us about the environment right now?

>> well, there's a significant demand this morning newberger berman announcing that its private credit funding exceeded $8 billion which is quite a significant amounti for many strategics and many privatic e equity owned compani this is often faster to market, it's often easier to arrange and has a variety of other benefits. we're seeing significant demand for the type of advice lazard provides as you noted, we're very excited tim donahue just joined this week and will be building up this practice further. >> peter orszag, thank you for joining us. >> always good to be with you. up next, the ceo of becton

dickinson on his company's strategy in a post pandemic world as well as amazon's health care initiatives the dow is losing a little bit of steamhere, up 35 points, as the nasdaq 100 goes negative you're watching "closing bell" on cnbc.

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testing capacity to address this ongoing outbreak becton dickinson launching a monkeypox pcr test commercially available outside the u.s. for research joining me at post 9 to talk about that and the whole strategy is the ceo, tom paulen. on monkeypox, where are we on testing availability and what are you seeing on cases? >> i think cases are still evolving we are ramping up production of tests right now. >> how big of a portion of your business is the covid testing which you also got involved in >> relatively small. we're a $19 billion company. about $500 million in covid testing today. we've been really focused on expanding beyond covid but testing for flu and covid trying to differentiate respiratory

diseases. >> how have consumers changed post-covid and their attitudes around testing. >> more testing at home. that's been a big focus cus of . we have a flu/covid test and we see the future of more and more tests available at home. things like strep throat, being able to test yourself or your child for that at home is where it's headed. >> do you have to have the stick all the way -- >> you still can do that. >> people can do that themselves >> yes. >> i always founding that difficult. what about hospitals, are they back to pre-covid levels >> procedure volume is up nearly to the extent that it was pre-covid but hospitals are facing challenges with nursing shortages. i think it's been a tremendous opportunity for medical technology companies like ourself to apply new types of innovation and robotics, digital

technologies to address work flow issues, help drive efficiency while improving outcomes at the same time. >> how acute is that nursing and staffing shortage right now? >> it's been really accelerated as a result of covid and accelerated retirements. it's something that's ongoing and needs other solutions to be addressed. >> what about supply chain you're a big manufacturer and have run into issues is that getting better >> woe see stability, certainly in supply chain. we make about 40 billion devices every year, ship them to more than 190 countries around the world. the supply chain situation we certainly see improvements shipping raets stes starting toe down chip availability improving in a number of pockets. with that said, it's a very dynamic world so new issues can pop up here and there but overall we see improving stability and i'm a bit more optimistic about where it's heading. >> what about pricing? what does that mean for pricing?

>> inflation, inflation and supply chain challenges is something no company is escaping inflation still remains well over history cal levels. we seek the first offset inflation through being more efficient and we see pricing as a last resort. this year we'll have less than a 2% price increase on our products >> you also have to deal with a strong dollar which i imagine has been pretty brutal. >> in a way, although it's skb we something we've been navigating really well. many of our manufacturing locations are local in the geographies that we sell. >> what about china, how are you dealing with covid shutdowns >> our team in china has done a phenomenal job helping us navigate we still expect to grow 10% this

year despite the shutdowns in shanghai it's important for us as a front-line provider to patients in china to make sure that our products continue to flow into those markets. we continue to do that, in spite of shutdowns. >> what did you think about amazon's initiatives in health care and what they're trying to do and how it might disrupt or not the space and ecosystem? >> amazon has been a partner of ours in the past as a distributor of some of our products certainly the innovation that they bring to the marketplace and a new way of thinking about health care innovation, particularly of bringing health care into the home, i think it's fantastic. kind of the conventions of the industry so i look forward to see where they continue to go into health care. >> we talked to a number of analysts ahead of this segment and they all said you're a force for good and you've made some positive changes on the company but one question that keeps coming up, what does becton

dickinson look like in the next three to five years? where do you want to take this company so it can continue its outperformance >> i'm the eighth ceo in our 125-year history we're focused on three areas revolutionizing health care the what you see us doing is shifting our portfolio into three solution areas the first is smart connected care, the second is care to shift to new settings like the home and the third area is improving outcomes in chronic disease. we're creating solutions for these irreversible trends that are reshaping the face of health care. >> tom polen, thank you for joining us. >> appreciate you having me. the dow is up 100 points or so you're continuing to see a divergence in terms of sectors

in the s&p 500 the leader today is the banks. financials up 1 spoken 5%. the loser is communication services, staples, utilities and technology. up next, the chief strategist from clocktower group. plus crocs was a huge pandemic winner but the stock is down 40% coming up you'll hear from the ceo on whether he sees any signs of consumer slowing in terms of their spend. we'll be right back on "closing bell."

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for stocks after fed chair jay powell this morning said he remains committed to maintaining the tightening cycle to tamp down inflation and also some hawkish news from overseas the european central bank got more aggressive than they had been, largely as expected. our next guest says don't pay attention to what the fed says and there will be a pivot when it is clear that inflation has peaked joining us now is clocktower chief investment strategist marko popic. this was the whole thinking before jackson hole, buy stocks, inflation peaked, the fed will pivot. jay powell totally shut that down twice in the last few weeks. >> i just don't believe him. >> why >> i think what's more important for stocks is whether cpi has peaked or not.

when cpi peaks, equities usually rally. the only time it hasn't happened is 2008 and 1937 both very, very deep recessions. so i just don't believe that the fed wants to engineer one of those type recessions. so at some point next year as cpi comes down, they'll have the political capital to simply slow down the pace of hiking, which at 5, 4% cpi is the form of a fed put. >> what if it slows down to 4% ppi, they're still talking about a 2% inflation target. >> that's the part i just don't believe, that they want to get there in 12 months if they do and i'm wrong, we're going to have clam tuesday recession. >> they just have to keep tightening, tightening and tightening >> that's something we need to start thinking as well as next year comes to the forefront. >> so are you bullish?

>> on equities, necessity. provided that the view of cpi is correct. so it's not just a function of demand and supply but geopolitical risks which have to dampen down the next six months if you have further decline in oil price. oil price/stock relation has completedly pivoted. it used to be positively correlated and now i think it's negative so all prices have to continue to be flat or have downside. >> weaker oil prices are the function of slowdown in china, europe and potentially the u.s. as well. >> when oil prices go down, they tell you something about the fed reaction function. last cycle oil prices go up or down, you're not thinking about the fed. but i'm looking at headline inflation. that means oil prices matter yesterday was a good example oil prices collapsed 6%. what happened to the stocks? it was a good day for the stock

market. >> you think that's why? >> i think that's going to be increasingly high. >> bond yields came down. >> that's all part of the same story. >> so you think the fed will stop hiking and actually cutting next year? >> so that's a very important point. what does a fed put look like in a world of 4% cpi? because hiking or cutting is actually not relevant. what's actually relevant for us as investors are, are real yields going up, down or sideways they have gone dramatically up in a world of 4 or 5% cpi, you don't have to cut to get the real yields to stop appreciating, you just have to hike less. so if they go from 75 to 25 basis points, they're still hawkish and can politically say we're dealing with inflation, but they're actually creating a fed put. >> so there's also qt going on, and a lot of people are worried about the eximpact that will ha on markets. >> what's the worst thing that can happen to the stock market

bond yields go up a lot. what qt does, it reverses what qe did qt reverses that in a way that's a headwind to stocks but keeps bond yields dampened >> i also want to get to europe with you because i can't find anybody that wants to invest in europe right now they have this ugly combination of very high inflation now they're going to have a rate shock on the precipice of recession if they're not already in one and this looming energy emergency. how is that attractive to you? >> so markets are forward looking. so what i would say is that the market has currently priced in a pretty dire scenario in europe, which includes a recession and energy crisis. let me remind the viewers, during the euro area crisis when

the very existence of the asset was in question. >> the central bank was stepping all in and now they're taking it out. >> the ecb policy is much less relevant than the price of natural gas. it's all one trade it's energy prices and natural gas prices those prices are unsustainable because europe has found alternatives to russian gas. furthermore, we need to be geopolitical analysts today. the war is in a stalemate. if that continues, i think that europe and russia will have to find a solution where they both kind of swerve in a game of chicken. that's a difficult question. you look at some of the valuation for europe, and they look attractive for long-term investments. >> that's a view we don't hear often. let's get to courtney reagan with the latest details on the death of queen elizabeth. >> hi, sara. crowds have been biddluilding

outsidede of buckingham palace. the prime minister said the queen was the rock on which the country was built. >> with the passing of the second elizabethean age, we usher in a new era by saying the words "god save the king." >> condolences are streaming in from around the world. washington is one of many capitals where flags have been lowered to half mast queen elizabeth was more than a monarch, she was a steadying presence in a world of constant change with queen elizabeth's death, prince charles is now king he will be known as king charles iii. he will be staying in scotland before returning to london >> courtney reagan, thank you

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with our kids back in the classroom, we are focusing on back-to-school stocks. footwear maker crocs saw a huge surge since the pandemic but the stock sliding since then joining us is the ceo an ddrew reese. good to have you back on, andrew welcome. >> thank you, sara great to be here. >> tell us ou back-how back-to-i going. i know there's slowing growth in north america so what are you seeing >> frankly we're very pleased with back-to-school. we can manage it through our own

dtc sales, we saw traffic increases and nice gains in those environments so we saw very strong business for back-to-school particularly here in north america as we look at our sell-out in our wholesale environments, we sold out extremely well. i think we've sold out more than we've sold in so we continue to right size our inventories at wholesale so we feel really good about back-to-school it's performed well for crocs. you try to measure the underlying performance of the market and i think we did a little better so we gained market share. >> it seems like a kids brand. my kids wear them. i know you're re-releasing some for adults and i think you should do so for toddlers but how big of the business is that? >> it's a little less than 20% so actually 80% of the business is men and women

kids is about 20%. i'd say that's relatively high one of the strengths of the crocs brand is we sell to men, women and kids so we essentially reach the whole population and i would say the kids business has been growing nicely it's really growing off the big kids so the teenagers have been a very strong market for us over the last three or four years, particularly girls and now increasingly boys. and then the little kids want to be like their big brothers and big sisters so we see that really nicely as well. kids is important. you mentioned the lightning queen. we released the adult one today and we had 60,000 people signed up to get from our website they're always available in

kids the adult is a special request we keep making it and re-releasing it. >> andrew, you have this huge run in covid, out of covid and it's turned around hard. there's this lingering concern that you know fashion trends and people are fickle and they'll go out of style like they have before how do you make sure that hasn't happened >> we've definitely been labeled with that pandemic play label. i know a couple of other companies are laboring under it. it's been true for other companies. we've seen rapid reversal in patel peloton or netflix we were growing strongly as we went into the pandemic the pandemic was good for us and we were able to do some exceptional marketing and appeal to that comfort at home mentality. but as i look forward and think about what the global mega

trends are, i think consumers are looking for comfort. in a constrained consumer environment, they're looking for value, looking for a little inspiration. if you think about crocs, we're selling a comfortable, incredible shoe at $50 the other thing the market is reacting to is we made an acquisition. we bought hey dude it was a significant acquisition. i would have to say it's going really, really well. we're integrating them into our company and they're performing extremely well i think that creates a lot of concern and risk for investors. >> but also the long-term expectations have come down, haven't they >> no. our long-term expectations remain what they were. so pre the hey dude acquisition, we indicated that the crocs brand could be $5 billion and that was by 2026 so we're still committed to that.

we think that's very achievable. we did bring down our guidance for the full year of this year as we saw a constraining consumer environment. >> yes. >> but i will add that's 15 to 18% growth on a constant currency basis that's our current four-year growth guidance. in an environment where the market is flat to down. so we're gaining share, we're gaining shelf space. even given that slightly reduced guidance for this year, we're still confident in that $5 billion target for the crocs brand and we layer the hey dude opportunity on top of that. >> so it's the full year guidance that came down. long-term targets intact andrew, thank you very much for taking the time. >> thank you. take a look at where we stand. up about 100 points on the dow the nasdaq does remain positive. it's lagging higher treasury yields but the 10-year below the 3.3 level. bitcoin is higher but below it's

support level. coming up, why the surging dollar is a big reason for the trouble in crypto. tonight please tune in, i'm hosting the cnbc special "blue chip playbook. top wall street pros giving us their best ideas from each sector blue chip stocks tonight 6:00 eastern we'll be right back on "closing bell." my dad was a hard worker. he used to do side jobs installing windows, charging something like a hundred bucks a window when other guys were charging four to five-hundred bucks. he just didn't wanna do that. he was proud of the price he was charging. ♪♪ my dad instilled in me, always put the people before the money. be proud of offering a good product at a fair price. i think he'd be extremely proud of me, yeah. ♪♪

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check out today's stealth mover. it's a spicy one mccormick down almost 7% the spice maker the worst performer on the s&p 500 today third quarter earnings were weaker than expected they slashed their full-year outlook warning it is being peppered by supply chain issues

and higher costs taking down a number of food stocks. you've got campbell's soup, kraft and kellogg. dining reservations are exceeding pre-panned levels. one wall street firm is naming top picks that will benefit. plus crude's comeback and the dollar's impact on crypto when we take you inside the market zone next the dowes up 41 points we'll be right back. s here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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mike santoli is here as always to break tdown the crucial moments of the trading day we've pippa stevens on oil and kate rooney on cryptocurrencies. the s&p 500 is up a quarter of 1% we are positive for the week mike, i don't know what to think. peter orszag saying that the ecb is making a mistake going so big with its rate hikes into this energy crisis. and then we had marko papic who is bullish because he thinks powell is going to pivot and even bullish on europe because he said that bad news a lot of it is in already. >> right valuations are really on the mat in europe, i guess if you think there's anything but a really nasty recession coming interesting today when the ecb raised rates, it sort of helped perhaps soften up the dollar a little bit even though lagarde was talking

slightly dovishly in the press conference so that allowed the stock market to get its footing. the rising dollar has been one of those things that's been a bit of a headwind. i wouldn't draw too many conclusions about today's market action except to say people had been leaning pretty negative we get this good bounce off of support. economic numbers have been okay enough that's going to tell you whether the market was correct whether the fed says it or not, inflation will become friendly and they'll be able to take a pause. >> let's hit energy because the sector is in the green thanks to a rebound in oil prices. it has been a rough ride for wti. it's still down more than 3% this week. pippa stevens joins us well off the highs, pippa. specific catalyst for today's gain or any move in any direction after such a big drop? >> it seems that oil might have

been oversold after those recent declines you were noting this came despite a weak inventory report and that also indicates that maybe traders think the bad news is priced in for the moment there have been so many headwinds hitting oil. there's also growing concerns over a recession in europe oil also fell below key technical levels which led to selling. and then just all the volatility and uncertainty has really led to low conviction trading. of course there's still so many factors to watch going forward the nord stream 1 is offline president putin said he will retaliate against any nations that implement price caps. secretary granholm said that the biden administration is considering extending the spr release beyond that october date so some relief but whether or not this will hold remains to be

seen. >> pippa stevens, thank you. the relationship, mike, we were speaking about between oil prices and the stock market. >> yeah. >> so the stock market wants to see lower oil prices, right? because it means lower inflation. >> yes, absolutely likes to see it i think it's been one of the reasons the market has been able to come off the lows the way it has. what's interesting is treasury yields had been tracking with oil prices generally speaking for most of this year. the last couple of months they have diverged so clearly yields are moving a little more to what the fed is now turning to but also energy stocks outperformed the commodity too, at least oil. they held up level , even if they're down a lot. the restaurant ren saissanc here dining reservations did exceed pre-pandemic levels for the first time in august and september so far 44% of surveyed users dining out

at least once a week it's not just restaurants, bernstein seeing consumer strength as well analysts calling this post pandemic era an opportunity to build scale, pivot to digital and highlighting names as disruptors in the space, mike. i don't know, the market move sort of shifts on this because restaurants are also considered very discretionary and you give that up when you're in a time of hardship in the economy. we're certainly feeling that on the inflation front. we've started to trade down and the restaurant earnings were kind of mixed. >> yeah, there's no doubt eating out is an extremely discretionary thing, but employment is very strong. that's the first stop in checking whether the consumer can keep up the dining out habit. food at home, groceries have had th enough of a price increase that

some restaurants don't look so bad in comparison. so that's the bull case. casual dining has shown a little relative weakness because of the concerns you mentioned but if you think that could be resilient, then things like darden all of a sudden don't look too expensive at this level. >> i just want to point out what is happening because we're gaining a little steam into the close. the dow is up 140. the nasdaq is now up a third of 1% so solidly in the green nasdaq 100 turned positive over the course of this final hour and a number of sectors like technology and industrials, joining health care, financials and materials. biotech is rallying hard today the ark innovation etf is up 2.3% so it's hard to understand exactly what to make of the thread on a day when the ecb did

a jumbo rate hike and powell talked tough on inflation. >> on some level, the market continues to feed 5off the fact that it did get oversold with almost a 10% drop over three weeks. you do have yields and the dollar is still pretty tame so it's not necessarily throwing up a roadblock to a little buying here sentiment is a little bit leaning in a pessimistic direction. that's probably a help although i don't know that any of that means ark should be up 3% at this moment. >> let's do bitcoin. it's falling nearly 4% -- actually we're going to head -- a tweet that just came across, scott meinhard just came out with a pretty bearish call he tweeted that stocks could fall another 20% by mid-october. and i said he will be on "overtime" at 4:00 p.m. eastern. that's a cnbc exclusive.

the pes have trended lower when inflation is higher and the s&p is trading at 9 times, we should see stocks fall another twengtd% if historical seasons mean anything. >> the rule of 20 is what he's alluding to there. we're way above that right now valuation has not necessarily been the thing that's flashed a green light. sigh don't know about 20% downside in a month. september is weak seasonally skewed toward the latter part of the month but valuation doesn't really work that way, in terms of adjusting on a step basis during the course of a month because it's out of whack with macro inputs like inflation. this has been one of the headwinds. the overvaluation if you still think the market is overvalued, it remains somewhat concentrated outside the top five stocks you go down by two pe points on

forward earnings with the rest of the s&p, the 495 below that so the market is not cheap but i don't think that means you fall off a cliff right now. >> it will be interesting to hear scott taulk more about this next hour. bitcoin is remaining below the key 20k support level. bitcoin getting a little bounce now. kate, is there another factor here weighing on bitcoin >> it's definitely the u.s. dollar, sara, that's the big thing. crypto analysts have been watch it and a lot of the macro news in general, things like monetary policy but it's kind of ironic if you think about how bitcoin was created, this premise of being separate from the banking system and decentralized when you've got global macro factors being the biggest drivers. things like the fed all weighing on risk assets, which bitcoin is an extreme example of, hit its

high back in november. the only outlier we've seen in crypto-specific news that's moved markets this year has been the bankruptcies and liquidity issues and that was really to the downside and hit investor sentiment. if you take a look at the dollar versus bitcoin in the past year or so, around may you saw inverse correlation get a lot stronger the past month or so it's been almost a perfect negative correlation. so minus 8, a perfect inverse so it's a perfect indicator of what's going to happen with bit bitcoin. some of the whales have been selling and got out around the 24,000 mark. so that's adding to some of the selling pressure. >> kate rooney, thank you very much heading into the close, less than two minutes to go regeneron is stopping the s&p, up 19% on some positive trials what are you seeing overall in

the internals, mike? >> it's been pretty solid internally the breadth has been pretty good, more than 2-1 advancing to declining stock. you do still have small caps outperforming the big cap indexes. take a look at industrials relative to the s&p on a year-to-date basis been outperforming by 5 percentage points at this point and it's not just one or two industrial stocks. industrials have sort of bucked the idea that we're in some kind of big, global downturn. right now kind of benign, not going to stay in the way of further gains in stocks. >> as we head into the close, the dow is up 183 points or so so we have seen a nice rally just in the last ten minutes or so as we have ended out this trading day up near the highs of the day. we got up as much as 200 earlier in the session you've got salesforce, jpmorgan

and goldman as the biggest sdr contributors health care and banks are leading the charge today nasdaq up half a percent technology joins the party late in the day here. regeneron is helping the nasdaq. tesla, nvidia, amd and meta having a good day. apple is driving that's it for me on "closing bell." see you tomorrow into "overtime" with scott. >> all right, sara, thank you very much. welcome, everybody, to "overtime. we were just getting started here at post 9 at the new york stock exchange and we want to get to our talk of the tape. that dire warning from star investor scott meinhard tweeting as we said, here it is, since 1960, pes have trended lower when inflation is higher with year over year core pce now at 4.6% and s&p 500 trading at 19 times, we should se