see a pick up in vaccinations, and that after the winter flu season is over i expect the end of lockdowns which has been the main barrier to grow. >> great to talk to you. >> maybe a pivot in china. >> thank you for watching "power lunch." >> "closing bell" starts right now. fallen bank earnings and a calmer situation in the uk sending markets sharply higher to start the week. nasdaq leadinged charge. up 3.4%. a make or break hour for your money. welcome, everyone, to "closing bell." i'm sara eisen where we stand in markets across the board, high for the dow 677. up 555 or so it's a broad really. s&p 500 up 2.6%. every sector higher now. leaders the places that have been hit hardest during the bear market communications services, technology, consumer discretionaries actually leader up 4%.

quite a rally right now. again, everything's working. consumer staples and energy, the lead best, but each up more than 1% apiece. coming up on the show, market expert david rosenberg weighs in on the sharp monday rally. just a bear market bounce, i suspect he says that right to the market rally. commentator mike santoli pretty broad although i note treasuries aren't moving a lot. >> no. did get a backup in yields to start the morning. it did relax the equity market a bit. ten-year back to 4% level. could present a little test here broaden it out a little. look at s&p 500. basically today adding back what was lost on friday brings the s&p back to that level of close on thursday after that very dramatic kind of 5 percentage point low to high swing thursday doesn't get you too far off the year-to-date loes. can try to make the case the market hasn't really made a lot

of net down side last four months this is june 16th. not sure how far that gets you could start to be defined lower end of the trading range if lucky. buying light today even though breadth is strong skewed to the up side. all that stuff into the mix now as we get into earnings season, starting to know just exactly how much the forecast has to be adjusted, revised higher, lower, whatever we're not paying nearly as much for the earnings of the dollars as before. forward pes across the board broken into pieces s&p 500 not cheap but in the 15s now. forward earnings, 12-month forward. then equal weighted s&p. 13.5 times taking you back to levels you'd have seen pretty mitch around late 2018 sell-off. plunged briefly below that in early 2020 of course small caps very cheap go back 20 years or so the pushback, of course, that earnings estimates are plikl iko

go down. no doubt about it. valuation compressed, part of that expressing some doubt as to the forward estimates and it's not as if every point on the chart people certain estimates would hold up. >> i brought up the ten year also, because, mike, you know -- lately that's been the market's concern. right? higher interest rates. what the fed will do the fact inflation's not coming down quickly i don't know if we can show the ten-year yield pointing this out, level of interest is going to be a headwind for the stock long as it stays high around continues to rise. if we don't see it coming down reasonably, not more than a one or two-day bounce on oversold conditions that's the fundamental head winds we're facing. >> without a doubt main head wind prings up capital for everything why markets go down. pointed to it before it s&p same level at mid-june. where was the ten year then? 3.5 at the peak. >> lower. >> sort of get a push/pull and a little two steps forward one and

a half back or vice vert sa. ve verse sa. not a stock market corr sponding to each level. >> not exactly -- >> yes. >> including bank of england and the british government, appears to be coming to its senses and calming markets down. mike, thanks. mike santoli. banks are a big part of today's jump after strong results from bank of america and bmy mellon spoke with brian moynihan what drove his results in the third quarter. listen >> as rates rise up our zero interest deposits a core part of our franchise in low-interest checking obviously more valuable where you saw the strong gain in nii not year over year but over a billion from second quarter. said over a billion in the fourth quarter bruut in a quart.

earnings strush coming back. off a couple years during the pandemic. >> that's key. for more on bank of america earnings from wells fargo, increased estimates to street high b a bofa also his call biggest reaction up more than 6% that's the thing sensitivity on interest rates going higher that's what's working. right? >> yes, but not the complete story. look, it's showtime for bank of america, and act one looks great. it takes higher interest rates to show the strength of their deposit relationship a lot more sticky than a lot of people thought, and that helps the traditional banking revenues, but also takes more business to show the scale a andability of the model. benefit of tech investments over the last three months bank america added almost $2 billion in revenues, 0 in expenses

that's scaleability. also takes a weaker economy to show the strength in the bank loan portfolios and bank of america's credit, loan portfolio still looks great. i don't think it's too early to talk about re-rating not talk about bank america stock going from a little more than half of the pe of the stock market as a whole back to where it's been. like two-thirds or three-fourths, even above that once you get past this recession. i think bank of america will rerate higher, possibly. even if they don't that, still see the stock about doubling the next one to two years. >> the problem, mike, what the market is concerned about nap is recession and a turn in the credit cycle even if not seeing it now. moynihan acknowledged they're gearing up for a change. that's why the stock has under performed. isn't that a risk? >> absolutely. i mean, if we have a hard landing, then all bets are off and you have potential one-third down side in the stock

if you don't, can you have a double over one to two years reward to risk ratio looks pretty good at three to four times. that's a risk. we're not seeing it in the bank results right now, and by the way, we already have credit losses and credit costs doubling over the next few quarters it's not like it's not in our models, and with that about 15% above consensus for 2023 bank of america, really, a microcosm for the benefit of what bank regulators forced on banks in the last 10 to 15 years. derisked, more resilient business model, and what bank of america specifically has done, investing technology, having these digital interactions and getting that scaleability nap is what's really underappreciated here so it's like a ship going through a storm. yes, there's a storm out there, that could get worse, but i found remark nabil your

interview that, you know, sea of bank of america is not positive for the next four quarters he said he expects negative gdp growth. >> yeah. >> negative growth and even then getting guiding that implies much higher earnings that's the difference. why night and day versus before the global financial crisis, and one of the problems here that there's so many investing professionals that have only seen one recession the global financial cries well, every recession is not a global financial crisis ander recession is not a credit crisis for banks. so i think what you'll see here is banks will outperform through the recession, because a lot of thtest rk is pushed outside of the u.s. banking industry not to say you won't have blowups and a risk for banks to have a ricochet effect from banks outside the industry, but to say a risk to an extent likely to lead to better expected results

i did say this is act one. act one for bank of america looks great. results today, higher, 8% higher revenues in three months great credit quality this is a great act one. there's only act one of maybe a four-act play. so we'll have to still monitor this, but right now it looks pretty good. >> why is it different or distinct say than jpmorgan which also has a scaleability you talk about. >> look, jpmorgan is a leader in technology we talk about the industry in jpmorgan and bank of america transitioning to digital banking 2.0 when they offer products, relationships, experiences, connections, that were never possible in analog form. i think bank of america, though is showing greater financial discipline you know, going more incrementalist and showing greater distance between revenue

growth and expense growth. so, yeah look, hour price target on jpmorgan is higher not recommending that now. we think bank of america is more in the sweet spot from deposits and showing scaleability of model without investing the windfall from higher rates it's not really a windfall they worked for this for a decade, but showing more financial discipline in letting the benefit fall to the benefit of investors >> you expect $55 target expect a doubling of stock even in the next few years you said >> yeah. that's over one year $55. we think over the next one to two years could see a doubling of bank of america stock by the way, not factoring in re-rating. when we talk about a re-rating of bank of america stock, that's above where it has been. this price target and doubling is simply going back to where they were before about hard landing wie think

that's where bank of america goes. >> thank you for joining us. senior banking analyst there. with that stock leading financials strung out performers goldm man sachs set to report earnings tomorrow, 7:30 a.m. on "squawk box." overall in the market, 541 or so on the dow s&p up 2. %. nasdaq up 3.25% now a lot of winners in the tech space. sl clearly relief rally, pressure off the yields, what's happening in the uk. strong rally on our hands. coming up, david rosenberg from rosenberg research joins us to break down what he sees the market doing from here with a somewhat negative view we've heard lately on the economy. we'll be right back on "closing bell. don't go anywhere.

at humana we believe your healthcare should evolve with you and part of that evolution means choosing the right medicare plan for you. humana can help. with original

medicare you are covered for hospital stays and doctor office visits but you'll have to pay a deductible for each. a medicare supplement plan can cover your deductibles and coinsurance but you may pay higher premiums and still not get prescription drug coverage. but with an all-in-one humana medicare advantage plan you could get all that coverage plus part d prescription drug benefits. with no copays or deductibles on tier 1 prescriptions. you get all this coverage for as low as a zero-dollar monthly plan premium in many areas. humana has a large network of doctors and hospitals. so call or go online today and get your free decision guide. discover how an all-in-one humana medicare advantage plan could save you money. humana, a more human way to healthcare. fsd pharma is developing new treatments for neuro and inflammatory disorders. in a breakthrough discovery, fsd pharma recently demonstrated positive effects with their drug

in treating ms in pre-clinical mouse models. fsd pharma

a broad rally across the board. s&p 500 up 2.6%. nasdaq outperforming up more than 3%. joinings us, ben edmonds, mike santoli with us still, of course ben, are you buying or do you just view this as we've seen other big rally days as a, a bear market bounce >> still looks like bear market bounce, sara i think that it's apparent the across the board rally, but also

confirms, seen this before right? the last three weeks, if you get a bounce it's across the board, any sector following day taken back we're actually dancing wit earnings today's numbers from bank of america were good for consumers and easily translates to consumer discretionary with amazon, a big index heavyweight then driving up the stock market, but be wary. much as the risk gains have some confused more cpi data is coming out including from the uk and the next big focus for markets trying to move earnings. >> right amazon leader now in the qqqs. apple, microsoft, meta and remember from bank of america, it can be a source of relief >> yes potential for that without a doubt. estimates came down outside of energy by 7 percentage points heading into the numbers seems like they'll be achievable

typically corporate america will warn you if they miss big. i think that -- to the extent the rest of the world allows us to focus on those things, yes. then i think it could be a bit of relief. the question with every rally lately has been, is the bond market going to permit, as we talk and a while ago are fed speakers going to overtly try to push back against it no fed speak today maybe wednesday when we'll have it you have to put that into the mix with, okay suspect bounce, aren't trustworthy. same time seasonal factors working in your favor. sentiment. atmospheric conditions look like risk/reward getting better, but to the point of big rallies. in the last, just looked at this 19 or 20 trading days, five up days including today smallest gain of the five up days is 1.97%. so -- >> really big.

>> get big pops and haven't strung together. >> reminiscent of our bear markets and crisis-type periods. my question then specifically around technology heading into earnings a broader opportunity beyond a day or two because of valuations hit hardest? >> yeah. i think there is, sara i was looking at eps forecasts and technology has come off so hard in eps growth and looks like bottoms, by estimates if you do believe that you're going to get an environment where bottomless over the weekend, going to get bullish gains for markets because reaching through a level that pushes down inflation and knowing that technology is sensitive to interest rates and seemingly escrow estimates seeming to move up again out of the trough, then for big tech there becomes an interesting opportunity, with names like say a microsoft, but i think it's an interesting moment here. >> conservative names like microsoft.

would you put apple, i don't know, tesla? doesn't seen very conservative. >> right not going to full disclose analyst on those names put it this way, in broader context. right? technology is still a big driver of growth in the economy it's making its adjustments. over higher, showing up in employment numbers think of big tech it's obviously related to interest rates as the economy adjusts to inflation so that's still your big macro factor here driving these stocks curious to see the eps estimates at least being, troughing so to speak. a you think getting to a point where -- you're going to be able to capture an opportunity for upside. >> thank you for joining us. by the way, tesla rallying about 6.5% amazon another 6.5, consumer discretionary the best part of the market up 4%. also a rally in casinos, tjx,

it's broad what's happening overall up 2. % on the s&p 500 nasdaq up almost 3.3% right now. small caps joining the party up almost 3% as well. after the break, a close are look what's driving te taychod with the nasdaq outperforming. ♪♪ be ready for any market with a liquid etf. get in and out with dia. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading.

personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back.

- [narrator] if your business kept on employees through the pandemic, getrefunds.com can qualify you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to getrefunds.com powered by innovation refunds.

dow up 557 points. 29 out of 30 dow stocks higher gives you a sense of the bet every breadth of the traders of this rally biggest contributor to dow gains microsoft united health care goldman sachs and home depot every sector positive. consumer discretionary leading the charge consumer staples lag, up 1.2%. up next, davids rosenberg weighs in on the rally and whether or not it's a bear market bounce. later we talk ton an analyst bullish on chip stocks when

"closing bell" comes right back. the bond report ask brought to you by -- ♪ ♪ wow, we're crunching tons of polygons 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 technology lets autonomous vacuums work continuously around the house, but when your team has to work seamlessly around the world... you need more than technology. you need cdw who can help transform your organization with built for performance lenovo thinkpads. pre-configured for management flexibility and equipped with the intel evo platform. responsive collaboration tools give your team effortless connectivity to stay focused wherever they work. fetch. lenovo makes seamless productivity possible. cdw makes it powerful.

strong rally into the close. nasdaq a blowout session up 3.4% session highs that is. get to kristina at the market site with a look at drivers

behind drives wand year hearing about the case right now. >> seems to be a little sentiment shift, bull case gaining traction several reoccurring themes i'm finding in recent analysts research firstly, maul polls compressed companies go the it lower. and foreign exchange fluctuations already priced in according to wedbush and china export ban overblown focusing primarily on high-tech ai chips. all factors no doubt can get a lot wos. with much of the nasdaq and over a quarter s&p 500 representing technology, the sector is critical to any index move higher where should investors move? citi liked intuit and work eva because of stable end markets. you see those. look at that intuit up 6% both companies up 6% and i.t. hardware presence in evs. that stock up 3% and weblush

bike patelo alto and others and research names like knowsnowfla, crowded and could be subject to extra volatility subject in the coming months. >> some mover at top of the market up 7% 8% thank you. more on the big rally bring in rosenberg research founder david rosenberg. let me guess, david. thanks, a bear market rally. nothing to be excited about. am i right >> well, i'm not saying can't be excited about a bear market rally, but we all know that these rallies that you can rent. you don't want to own them so you want to have your hedges and exit strategy in place, but it is a bear market rally. all the harmarks of a bear market rally seen six of these already.

reminds me of, of warren buffett's famous like, one thing that we know about history that people don't learn from history. but the biggest rallies in the market historically have actually happened in bear markets. not bull markets this is one of them. this is the seventh bear market rally this year and still down what, 23% on the s&p 100. >> one pushback from corporate america. talked to brian moynihan last hour what he sees from the consumer i want to play you a quick clip. >> stress for certain womaners out there? no question, but employed earning money and account balances at bank of america continue to be flat august to september for cohorts, say, 2,000 to 5,000 before the pandemic, sitting with 13,000 in an account and continues to be flattish, not going down

growing earlier now flat that means there's money to spend. >> really good news. isn't it >> well, you know, the thing that's at these bank ceos talking about consumer spending and in nominal dollars so he's not talking about volumes or the impact of what inflation has done, and we saw that firsthand with last friday's retail sales number, sara when you look at real retail sales and remember that recessions are not nominal variables. recessions are about physical inputs that are in the economy, and real retail sales were negative 2% at an an newnual ra third quarter and negative built into the fourth quarter. nice to talk about, before covid, before this inflation burst we had, nice to talk about nominal dollars in the 1% and 2% inflation world. what does that mean when inflation is running at 8%

talking about really classic money illusion what he's talking about. in real terms consumer spending is actually starting to contract. >> he did break down the spending picture and divided it by transactions, which are clearly up less than the dollar amount to show it was still growing, even with inflation i think the point is that we're not hearing all bad news certainly from the banks we're going to get other, some other earnings really soon, but that there is a big cushion in the u.s. economy for dealing with, no doubt what are huge headwinds in the form of rate shocks and price shocks? >> yeah. a lot of that cushion was the impact of the stimulus checks from last year and that cushion is subsiding at a very quick rate what is happening, actually, you're seeing credit card balances balloon, and that really -- interest rates that

are 16%, 17%, 18%, because people are actually using their credit card to buy essentials. that was the big story, actual, sara look at retail sales numbers and see what people are spending money on, they're spending money on food and spending money on drugs, pharmaceutical, essentials the hallmark really of the retail sales number that came out was that everything else was down negative .1% month over no that's nominal real terms more negative look at the pattern what people are spending money on. pulling back from the economic sensitive items and we can talk about the banks and priced at or below book value so extremely depressed down, like, 35% from their highs, so they're saying a nice bounce indeed, but the conference boards, the conference board producing a quarterly survey on business confidence i wrote about it today

it's gone down to its lowest levels almost on record. i think the only time historically it was weaker for the fourth quarter, ceo confidence not just the banks but entire gamut of private and public companies, were down to the second lowest level on record. that really tells you something what's happening in the broad economy from a corporate side. >> david rosenberg, thank you for the views. we always appreciate it. >> thank you. >> weighing in on what he call as bear market rally up 600 points on the dow continuing to climb in the final hour s&p 500 up 2 .75%. nasdaq zooming up 3.5% percent led by biggies, amazon, apple. big move for amazon. don't see it every day 6.5% higher. whether relief rally, a bounce, a better tone or view towards what's happening overseas and in the u.s., thanks to what we're hearing from corporate america

am am apple's up 3%. strong and broad and wall street is buzzing about fox and newscorps moving in option direction rupert murdoch talking about the companies. and one of the few stocks sitting out the rally. according to a published report kvshs is walking away from talks with cano sending stock sharply lower. we'll be right back.

the hiring process used to be the death of me. but with upwork... with upwork the hiring process is fast and flexible. behold... all that talent! ♪ this is how we work now ♪ we planned well for retirement, but i wish we had more cash. they have no idea

they're sitting on a goldmine. well they don't realize that if you have a life insurance policy of $100,000 or more, you can sell all or part of it to coventry for cash. even a term policy. we've got to tell them! hey, guys! you're sitting on a goldmine! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

what is wall street buzzing about? the murdoch empire fox and newscorps moving in different directions nearly a year after they split. julia boorstin joins us now. what's the rationale and how close to actually happening? >> rationale that now size matters. these companies need heft. they need to be able to have greater scale, to be able to negotiate. now, the interesting thing is looking at fact both of these stocks were downgraded today by a couple different analysts from buy to hold. the thing about fox is that after those entertainment assets were sold off to disney it was sort of a pure play news, sports did not have its own streaming service relying instead on ad supported tubi a lot of investors like the fact fox was different. now combining with newscorps, performed better than many expected back when the two companies split up almost a

decade ago the question is what synergies will they really have? the advantages, cost cutting et cetera. >> and do we know if it's will actually materialize >> they're looking at it they would like to make this happen this is not the first time we've seen companies that have split up come back together. the most notable comparison, of course, viacom, cvs. those two split up, remerged now calls paramount. a similar situation except now many fox assets are part of disney. >> interesting reaction. 52-week low. 10% or so. notable. julia, thank you julia boorstin. roblox rockin' today on strong monthly use r growth the stock still down nearly 60%. that story plus bank stocks booming. turning bullish on the chips, when we take you inside "the market zone.

(vo) with their verizon private 5g network, associated british ports can now precisely orchestrate nearly 600,000 vehicles passing through their uk port every year. don't just connect your business. right on time. make it even smarter. we call this enterprise intelligence.

we are now in the "closing bell" market zone. cnbc senior markets commentator mike breaking down the trading day. leslie picker on banks and also roblox and netflix roblox makes a huge move higher. nasdaq 100 up 3. pe 6%. mike you pointed out how common to see in snapbacks. shorter term trading question how long can it last coming from another very negative sentiment over-sold kind of place. >> we are. why you have to have a little bit of an overlay of skepticism. on the other hand one will stick or at least carry farther than

people are positioned for. that is the push/pull. one takeaway of the response to the uk reversal in policy is that maybe much of the prior few weeks weakness was partly about that, too. in other words, unwind and fear related to what that meant in the uk and yields blowing out ober there and bear case in the short term coming into the weekend required something in the way of some kind of a blowup to really get traction you don't want to over extrapolate but i think all of those things in the mix. still an oversold market entering a good seasonal part of the year. >> takeaway on the uk, what it means foreign the fed. market doesn't seem to want fifisk fisk's fiscal -- what's to see fiscal din palestinian, but same time appears to push federal reserve and other central banks to slow down

>> the market is impatient for clarity on the moment when the we're there. wherever we're going when will we get to that level fed seems to want to stay aggressive pushing that moment out. we'll see. you started to see makings of a little disagreement last week in terms of fed speaker emphasis on potential risk of overtightening as well. >> got it. bank stocks sharply higher an bank of america beat wall street's earnings estimate as rising net interest income slowed spoke with brian moynihan saying the bank is holding its reserve b based on a bleak economic picture. listen. >> our reserves put up this quarter built on 5% unemployment fourth quarter of '22 5.5 unemployment in 2023 the way the rules s work and accounting, our scenario is

weighted 40% to very adverse scenarios with high inflation built in average those together reservist 5.5 unemployment and we're propered for the hurricane for whatever happens next. >> try to ask if he agrees with jaimie dimon over a hurricane. clearly, said he's prepared if it happens investors get another read tomorrow from goldman sachs reports. leslie picker joins us what's the key thing to watch at goldman after morgan stanley was a miss and other banks like jpm, wells fargo and bank of america tied more to the economy and higher rates did better? >> yeah. this quarter, sara, to your point, definitely met with a bifurcation of those banks and that side of things. jpmorgan, bank of america, wells fargo, far more rate sensitive citi in that camp also on the other side goldman-sachs and morgan stanley much more exposed relative to their peers to investment banking, salesmen

trading. goldman sachs strong in fixed commodities decent tailwinds during the quarter but a massive slump in banking across the board. no indicationgoldman sachs wil escape that during the quarter interestingly we're anticipating a reorg. heavily telegraphed in the media today, which would basically be the second reorganization of g goldman's business during ceo david solomon's tenure at the firm over the past four years or so, making it look a little like it's pure in terms of a standpoint seas management in one, investment and sales another bucket and consumer consumer businesses including recent acquisitions in a third bucket something to look for tomorrow announcements on that front as well as, of course, what it's done in its core competence with regard to investment banking and

salesman trading. >> thank you, leslie we'll look for all of that and an exclusive interview with david solomon on roblox. shares surging huge turnaround for a stock down nearly 70% from a record set just over a year ago investors cheering on stronger september numbers out from the gaming company daily active users closing in on 58 million up 28% from last year hours engaged bring it to 4 billion. and bring in from sensor tower tracking key metrix. how much a fundamental shift from roblox? >> thanks for having me. end of september saw end of a summer smooth. roblox younger demographics does well during summer months when kids are not at school and see a bit of a d.c. cli-- decline whe

real life resumes. look at the report roblox put out today they did not see such a decline from summer to fall. in fact, sensor tower has on the mobile side a slight increase of users from august to september that is a bit of a reversal, but as you outlined at beginning stock really beaten up thiyear down 55%, 56% to date. part of a greater industry trend there being headwinds in purchase revenue from mobile games. the entire category for sensor date down about 14% first three quarters on the heels of multiple years of double digit growth. >> what about netflix? what do numbers show what we can expect from that stock which rallied about 30% last three months but still down sharply over the last year >> yeah. so as we look at our third quarter data and this a way to measure the netflix app.

seeing accelerated downgrade third quarter showing down low double digits year over year and uptick over 8%, 9% loss second quarter. i think what stands out to us is two things one, netflix started the third quarter on a hot streak just launches stranger things for part to in english speaking markets. incredible success then we saw trends from there. second, i think a lot of talk about the return to normal hurting a lot of mobile and digital properties netflix has not only given bag pandemic gains from '20 and '21, they estimate daily users on the mobile app down versus 2019. pre-pandemic times. >> one quick question as a user, ant anthony. what these numbers will be like. it's obviously very head driven. i've read your notes looking at the new "stranger things."

now watching "house of dragons" me, we, and everybody else, on hbo. how much does that create lasting users for people in a difficult economic environment, where inflation is being high. seeing more people give up subscriptions after watching the hit shows? >> yeah. a great question, and one we studied within our data set. the benefit from these pieces of tenfold content whether "stranger things," "game of thrones," "thursday night football" it's material but in the moment and we see it quickly subside. actually the rapid nature of the release of these tenfold pieces of content and everyone seems to have a flagship show right now is creating an environment consumer, incentivized to switch around from very platforms one thing netflix has going with it looking at sensor data lowest rate of churn amongst big

streamers, hulu, amazon, and also greatest percentage of power user a way to measure user loyalty. netflix users are opening the app at a greater rate than some streaming competitors. >> thank you very much for joining us got it interesting conversation there anthony. and the nasdaq hitting a fresh high for the session. 3% and worries over falling demand, export restrictions targeting china. three stocks stand to make a bigger rebound atoureding to our next guest from william blare. not the ones, jeb, we typically talk about the big sort of bellwethers in the chip industry. what do you say? and why? >> sayra, we're looking at a compound conductor

a niche that makes electric vehicles operate more efficiently. so you hear a lot about, you know, limited copper and lithium, and this semiconductor allows to us do more with less to allow that bigger trend to unlock. >> so you like what's in here, wolfspeed is one of the makers right? yeah if you look at the long-term trends we like speed on semiconductor and air tess systems, a little equipment company, and we think those three make up a benefit from roughly a $2 billion market growing to a $20 billion market over the next eight years. >> less immune to the cyclical worries about this industry? which seem to really hit these stocks every time there's a concern about rising rates or also it's export controls around china? >> actually benefit from a lot of that. so when you hear about reshoring

in the geopolitical challenges with china and taiwan, that's prompting the u.s. and the chips act to look at a reshoring activity so one of the questions is, if you have to reshore and start from xrscratch, do you go way silicon plant? and analog semiconductors we don't think do you and think it benefits silicon cashrbucarbid t geopolitical turmoil we're seeing today. >> thanks for joining me. s&p up 2.57 -of- -- 2.75%. are you in there buying nancy? >> no, we're not, sara we try to buy when the market's down obviously, but that's been tricky, too. so we've got hedges on our

portfolio and take a very deliberate approach. a list of names to buy price weakness, step in and add to those names a day like today take a sigh of relief for the moment. >> hmm so you're not convinced that the turbulence felt in the markets lately is behind us? >> no. i don't think so i don't know how much furtherer to work our way out of this. a lot of people lobby this is going to be long lived, this bear market, but i'm starting to see. we're starting to see inflation. signs of inflation roll over and starting to -- the economy is pretty strong and your interview with moynihan was excellent and pointed out what we've been thinking which is, the consumer's in decent shape when you add all that together that could change, of course, but housing has rolled over. seen pmis roll over. money supply is down dramatically we think you're going to start to see not a return to 2% inflation, but at the margin

improvement in inflation slowing down the fed eventually. and i'll say we're getting closer to that every day if you have mid terms with guide the government market's going to like that pap slowdown in fed, mark's got to like that and see what happens in the ukraine, but that might be ultimate ly improving in the spring. >> the problem, market gotten excited before about rollover of inflation to be fooled with the cpi reports stubbornly high and the fed -- testified, vindicated, when the fed mub numbered come out, have a lot of work to do. >> true. although last week's number came when the market was already in a nervous state and you didn't see down side follow-through on a disappointingly high cpi number. i think it still makes sense to think of it as a when rather than if inflation becomes a little more friendly at least down to a certain level, which we don't know about. maybe it's going to be closer to where short-term rates are and kind of a wait-and-see moment at

that point the bigger thing, see bank earnings, as nancy was saying. consumer and main street started the tightening process in an advantageous position. the stock market because of valuations did not so that's why i think you see mismatch between wall street, main street fortunes to this point. >> clearly seen that with some of the banks and see what we get with other earnings. nancy, who's on your shopping list who's gotten too cheap or levels you have to step in? >> our list doesn't change often. talked about some of these before we still like many of the software nime on severe weakness addsed to adobe. added a little to microsoft. added to amazon. definitely bias towards the cloud and palo alto networks and we like consumer discretionary and many of those stocks best performers, had positive performance in the third quarter. so we're starting to nibble back at home kdepot.

added to chipotle early in the quarter along with initiated position in lululemon. like those names it's somewhat counter intuitive but think coming out the other side, the names you'll want to own. and energy still >> energy still. i know all up today thank you very much, nancy leave it there going into the close. consumer discretionary the biggest winner in the session now up more than 4%. big gains for tesla and it is broad. real estate secretary best performer in terms of indexes. or sectors communication services, technology also doing very well. consumer staples -- bottom of the list but up more than 1% dow jones industrial average up 539 points not highs of the day but going out strong nasdaq up 3.4% amazon, having a very strong rally. 6.4% microsoft, also strong up almost

4% apple up there up more than 3% today. tesla, nvidia, s&p 500 going out with a gain 2.6% after another sell-off last week that does it for me on "closing bell." now into is "overtime" with scott wapner. welcome to "overtime" everybody. heard the bells. just getting started from here at post nine at the new york stock exchange in a little bit speak to a technical strategist who says he saved this rally in stocks same time others argue opposite. where we begin with our "talk of the tape" today. after a big move on wall street why it could go for a while according to a bull joining me eric johnston with cantor fitzgerald made a tactical call on the show stocks would take off to end of the year