kevin mccarthy -- this is unprecedented to not have the immediate vote go down and hand him the speakership. >> and hakeem jeffries getting more votes on the first tally. we weren't watching the second tally. thanks for watching "power lunch" for the new year. "closing bell" picks up our coverage right now stocks look like they were about to kick off for 2023, but the major averages pulled back right after the open this is the make-or-break hour i'm sara eisen take a look at where we are. down 122 on the dow. the high was up 240. s&p 500 up 0.6%. in fact, two standout groups todays outperformers, communications silverers like meta on top of that list, and financials are also having a good day the banks are all higher

everyone else is weaker. the weaker groups like tesla the two names to point out, apple and tesla. the mega caps are weighing heavily on the markets today tesla is down almost 12% apple is down another 4%, picking up where they left off last year in terms of the selling. coming up, we're going to talk about much more shows in terms of the stock having a lot more room to fall plus former federal reserve vice chair roger ferguson will join us ahead of the key economics today. time to kick it off with the market dashboard senior markets commentator mike santoli on the market. it was interesting to see the losers catch a little bit, but then still a big fallout for tesla and apple. >> for some degree, that's a

phenomena. as you allude to, sara, they're fighting this trench war around 3800 from mid-december till now. essentially every single day, the low of the day has been 3800 plus or minus 1% i am not sure that's significant. value over growth, you have a couple of nasdaq giants being dismantled almost every day around you're stuck with this sort of same deal. you have the long-term downturn in place and a six- or seven-month trading. the market is not giving up that there could be a soft landing. it shows you there's a residual bid in there take a look at apple 2020 compared to the equal waited s&p 500 it really does show you they're basically a parity right now

it really shows you this was just a huge buildup of premium, of crowding into the biggest most popular stock outside of tesla in the market. it wasn't as if they were racing ahead. people were willing to pay more for apple as the marquee digital platform, and because of the balance sheet quality and warren buffett in there, it kept this premium in there now the market is not permitting these companies to just ride with fat valuation premiums and they don't have a lot of growth to redeem it. >> as far as the news today, european inflation came down germany, below 10% that was good news in the u.s., the data came in pretty much in line with expectations, and the atlanta fed gdp tracker trekked even higher for the fourth quarter of last year. it's solidly in the 3% range. >> tomorrow we get ism

you're right with markets, the yields lower, you would think it was going to be a slowdown day. it's not really being reflected in everything going on below the surface. i think it's why you have to basically have your head on a swivel and see threats yore upside risk as well as the downside risk. >> we started with strong yen. never a good sign. i think that has to be why the market turned. mike, thank you. mike santoli, we'll talk to you later. for more let's bring in jeffries market strategist david sabos. you look at the uncertainty and skittishness around buying stocks, a question around the economy and the fed. do you think so? >> sara, i do think it's going to be a little better than 2022 and 2023 but we were down 18.5% in terms of the total s&p, so not a huge bar to cross there my expectations on the this is

it's going to turn around. you look back into q3. i think it's going to torture people a little bit. you're going to test the rallies, everybody's going to be on the down side for all intents and purposes, i think you're going to have an easier sweep and easier time focusing on the credit markets which have cheapened up dramatically, especially in the bb, b region that's really what we're focusing on with our clients at jeffers. >> do you think it's con senn says >> i don't think it's about consensus. we've had an incredibly difficult year if you compare the years, this was one of the all-time worst

years in bonds it was a bad year but not a catastrophic year. certainly they had much bigger drawdowns. i'm not sure that it's that consensus. i think people have gotten themselves under weight in the fixed income markets there's been a hunch backup in yields you know, we're very different than we were at the beginning of last year, sara. remember, yields were still very low and spreads were tight at the beginning of last year both of them blew out pretty significantly. the most important thing i would say is, you know, we're in a difficult period of time economically we're going to probably go and touch recession ary parts, go into a recession, maybe all of it your don't want to necessarily be in the riskiest capital structure of the business. go to the second riskiest part, the credit, the bonds. collect the double digit yield

in some of this higher yielding, you know, semi-junk bond area. get a very, very large yield compared to what you had before, and be in a safe place as go into a much more difficult time. >> you started out the interview when i asked you about the outlook for 2023 saying you think it's going to be better. i assume it's going to be -- what looks better to you because a lot of folks are expecting this year to reflect the impact of all the central bank hiking around the world, and so it's a result in the recession or at least a deeper slowdown. >> let me be specific. that's a good question, sara i was referring to the equity markets that i don't see another down 20 or worse in the equity market for this year i think it would be hard to get back-to-back negative 20s. it's possible and the fed may have to go further than we hoped if inflation doesn't come down as quickly as many of us think but i think the story line on

inflation is that it's going to come down and come down pretty quickly, but then it's going to stall and we're not going to get to it that quickly it's going to have to stay packed for a while i'm not as excited about fed rate cuts any time soon. i think they're going to be much more difficult with us and much more excited about getting that inflation number down, and i actually think there's some signs that the labor markets are doing great and the economy is going to hold up a little bit better for all of this at least the consumer portion is going to hold up a little bit better i think there's a sign the equity markets can stabilize maybe they go down ten i don't know i don't think we're going to have a down 20 or worse. i think you're going to get better risk/reward, collecting a bigger coupon, and going into the safer parts of the capital structure rather than the equity markets where i think there's going to be a lot more chop

involved. >> i get that, but if we do sea-bond yields lower across the board, which would be a big reversal from what we saw last year, i think the 10% started below 2%, wouldn't that mean technology stocks should do better >> well, you could -- look i mean we don't get to -- we're not going to get a rally back to 2% we may go down to 3 1/3.25 we may get to 1. that's a big difference from where we were before p i think you have a really difficult sell getting back into the techie growth days the fed's going to keep real rat ra f fed rates down to zero, down to

1. in many ways negative rates. i don't get excite that's a big number. add more numbers to the spread, making it more, if you go down into the deeper trenches of the credit markets that you can collect. structure credit, emerging market credit, corporate spread i. you've got a lot of credit and a lot of rate to play with that you didn't have last year, and that's a heck of a cushion compared to what you had in the equity markets i don't see a great breakout story to the upside. remember what happened to jackson hole and we talked about this when the markets start to go up, he's going to get a little more aggressive on you because he wants to get the inflation down.

it really isn't there for the bond side. >> good point. that was when he dropped the word "pain," and it was painful for equity investors david, thank you good to kick off the year with you. david zervos from jeffries. i just want to let you know sam bankman-fried left the courthouse moments ago he's entered a not guilty plea there he is in his suit, no tie. definitely different than the usual shorts and t-shirt we're used to seeing him in moments ago in new york leaving the courthouse of course, he's free on bail, $250 million bond they have secured following his extradition from the bahamas he has pled not guilty to the charges against him. we look at tesla, picking up where it left after last year. our next guest says there could be more downside ahead the stock is down almost 13% today.

you'll hear why right after the break. we're down 100 points on the dow. "closing bell" back in a moment. be more downside ahead

welcome back to "closing bell." tesla kicking off. it fell short of delivery targets. roughly 1.31 million vehicles delivered in 2022. that's around 91,000 fewer than expected tesla tanked more than 52% last year alone let's bring in the north capital research capitalist.

clearly you think there's more room to fall i do wonder why such a big reaction today on top of all the selling that preceded it yes, the deliveries were light, but does this necessarily correspond with what's going on with the business? >> well, really what it's about to do is the earnings momentum, right? earnings momentum is negative. it will probably be negative for a period of several months, a couple of quarters, maybe a few quarters there is superb service out there where you can get registration data that predicted the quarters very, very ac accurately they've got all sorts of problems i think the stock remains weak and it's going to take some time before that earnings momentum

becomes positive. >> we're talking 40% growth instead of 50% growth? >> i love what tesla's done. they've changed the future of transportation, but the reality is it's an expectations game this thing was valued at a trillion dollars not too long ago on hype and pipe dreams, and we've been bearish for quite a while saying it shouldn't be valued more than toyota, especially if it's producing one-tenth the number of units. tesla is not just the best place to put money there are better places in the sector people can invest. >> why what has changed specifically that's not a result of covid or what's happening in china or supply chain, things out of tesla's control? >> so now it's no longer strictly a storage stock it's a growth stock as you pointed out. it's all about expectations for

units and making those units so when you see that, it wasn't too many months ago people were expecting big number out of these guys and everybody wanted to crank their efforts to the sky. the reality is they tried to make this quarter and the need to introduce a shorter range car for the incentive reduction act subsidies, it ooh goengs to put more margin pressure the equities will double down. they'll face significant pressure over the next couple of quarters, and we're going to to have to kind of wait for that to shake out. also we don't know how demands are going to shake out obviously it's impacting them already. it's wanting to stay on the sidelines until the momentum is possible. >> in favor of another automaker? because tesla still has the

upper hand when it comes to mover, scale, advantage, and cost >> there are others out there that are growing faster but face better subsidy environments that have pretty compelling stories i don't follow the pulse star with the rating, but i like what the management team is doing when you look at ford and their execution is fantastic, kia's execution has been really good, audi, you know i drive an ev, and when i stop at the station, a lot of people are very satisfied with their new vehicles porsche, legendary 911 there are credible ways to play it tesla is not the best place to put money. >> so you expect a guidance change in the next report, lowered expectations. >> well, you know, a lot of analysts are looking at the report i expect a lot more people to cut numbers when they actually

print their financial results. and then, you know, they may end up being too bullish we're going to continue to see some pressure. you know, i'm going to question whether or not people make deep enough cuts and whether or not these are appropriately discounted into, you know, 24, 25, and 26, which is really going to drive the valuations of the stock. >> down 12.5%, well underperforming in the market as we've been seeing. craig, thank you craig irwin on the big tesla news. we have more news on sam bankman-fried following his not guilty plea. we showed him leaving the courtroom a short while ago. kate rooney has more. >> he pleaded not guilty on all counts the judge granted sam bankman-fried's application to seal the names of additional bonds co-signers he had been released on a $250 million bond signed by his

parents. his legal team had requested earlier today to redact the names of those people, citing security concerns that the gift plans to interview both of those people in the next couple of days in terms of the bond. it set a january deadline for the media and public to contest the crsealing of that informati so we may see that in the next couple of weeks there. there are new terms. the judge rules that bankman-fried is now prohibited from transferring or access any ftx or any subsidiaries related to ftx he had tweeted about that over the weekend, denying reports that sam bankman-fried had moved money around that's an update to the bond agreement. and they'll provide his defense team with hundreds of thousands of documents in evidence in the next two weeks that would include materials from the ftx debtors they also mentioned political

campaigns as well. we've got a potential trial date this's set for october 2nd it's expected to last about four beaks, sara. >> does he fly back to california to his parents' home? does he go back and forth? >> that's where he's been under house arrest that's part of the $250 million bond and he's been in palo alto where his parents live the house is part of the agreement, part of the collateral there he's restricted to parts of california and manhattan right now it's sort of the discovery phase where his team will now get documents, hundreds of thousands of documents to look through and build their case, and they've got until october. >> kate, thank you kate rooney. let's show you where the markets are. under 1100 points. the s&p 500 down about 0.6%. overnight asia rallied on more hopes of a china reopening potential signs that the covid cases are peaking out.

the subway usage was higher in china. the nasdaq down almost a full percent even though yields are lower. wall street is buzzing about a huge investment trust after investors pooled on it we'll tell you about the $4 million investment and possible guarantees next. check out some of our top rate seekers tesla down almost 13%. the 10-year yelled lower to start the year apple also weaker by 4%, shaving the most off the dow right now the s&p and the dow rounding out the top five we'll be right back.

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what is wall street buzzing about? that huge bet on blackstone's retail buzz with a twist they're investing $4 billion

they get a guaranteed return of aft least 11.25% annualized over its six-year holding period. this all comes after the fund saw a slew of redemptions in december, which we covered here extensively on the show. blackstone says their request kicked off in asia after the markets fell and other investors look over concerns that the fund would have to mark down its portfolio. blackstone's president and coo jon gray spoke to david faber on cnbc earlier about the deal. >> we came up with a structure that was a win-win here for us and them, and then they went out around the country, meeting with the ceos of our portfolio company, seeing real estate, looking at the financials, the valuations and liquidity, and concluded the is where they wanted to deploy capital he said if i was building a

portfolio from scratch, b reit would be it. this would be great for blackstone and terrific for the university of california system as well. >> blackstone stock down 18% since the beginning of december when the firm reportedly started limiting those redemption, and while it did get a bit of a pop, it's down 2.3% today they say they're not surprised by the stock reaction because there's still a question of how much more demand there is out there for redemptions, no doubt there's a sign of support. how unusual is it that they guarantee that double digit annualized return? >> it's not routine. i think the way to think about it is the university of california is locking up its money for quite an amount of time the other investors get a monthly ability to redeem. it really does serve blackstone's purposes as gray was saying there

you want to effect irvly endorse. they've done that by investing at that price. >> the bottom line about blackstone and stock if you're an investor in that one, does this put pressure on earnings and growth >> it certainly is a probability. it seems as if it's not going to be the case for a while probably because of just the asset class in general not being as much in favor. but blackstone has underperformed since the initial news came out december 1st kkr and apollo and goldman sachs by seven, eight percentage points. >> mike, thank you. up next, former federal reserve vice chair roger ferguson joins us on how this week's key economic data could impact the fed's strategy. and check out energy stocks as we head to break

they're getting slammed today. the sector is down 4% after finishing out a very strong 2022 it was the only sector to finish higher last year, and it was up sharply. still over the lastyear, 48% we'll be right back. only at vanguard, you're more than >> announcer: the bond report is brought to you by pimco. a global leader in income. and vanguard retirement tools and advice can help you get there. that's the value of ownership. ♪♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment

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stocks kicking off the new year with crucial reports. tomorrow we get the minutes from the federal reserve's last meeting of december and also the jolt turnover. roger ferguson, nice to see you, happy new year. >> same to you, sara nice to be with you. >> what are you looking for especially in the jobs data? >> they were higher the last time around released in december, reporting in the november numbers i think one looks to see if there's any cooling there. having said that, sara, i think the main thing to keep in mind is the big picture, which is wages are still increasing at a rate that's inconsistent with the fed's 2% inflation target, and until that changes, i think

the fed is still in tightening mode. >> what do you think about the fed stopping tightening and cutting by midyear >> i think the market is both right and wrong. i think there are two or three more moves by the fed. 50 basis points in february meeting, maybe 25 after that, and then probably they're done but i think where the market is wrong is on the expectation of cutting. we looked at the most recent summary of economic projections. there was no sign there of the fed expecting to cut during this year, and when we listened to jay powell's press conference after the meeting, there was no sign i think the market is ahead of itself based on the way the fed sees things today. >> what if wages don't cool down what if they keep high because we have serious supply issues when it comes to labor in this country, labor participation, availability of workers,

eligibility of workers, skills those are not things the fed can fix be continually hiking interest rates what if it gets higher >> there's your dilemma. it's that imbalance in the labor market that's driving much of the forward momentum of inflation and indeed the long-term inflation expectations they're always something to be watched. that's why i think the fed has to keep moving and why they intend to keep moving. you put your finger on it. at the end of the day, they're hoping to get the demand for labor down without dramatically changing supply because they know they can't really control supply so that's the challenge right now. so you put your finger on it i think the answer is they'll keep raising rates until they see something, all right, this demand is starting to cool and j.o.l.t.s. is starting to show it. >> what do you see changing between now and then on the

inflation story? >> well, i think that the -- the reason i think the fed is going to pause by midyear is they've done so much their own projections signals an expectation of a so-called turmdaround rate of 5 to 5.25. i'm specifically reflecting back to what the fed itself is expecting. i think the big point, however, is how long do they stay at these relatively elevated rates and see inflation coming down. so i think the concept of two, maybe three more moves does not mean that they'll think that they've beaten inflation it means they've put an awful lot of restraint in the economy and they'll be ready to deal with the impact there. i think what they're expect and i am as well is two more moves, maybe three, stop and see the result of this handiwork, so to speak. but that does not mean they're ready to cut

it means they're going to hold rates there, continue to come down to so-called real rates to gradually rise until they come comfortably down 1.5%, 2 president 5%. >> a lot will depend on the inflation. we're worried about the inflation this year. what is your best guess as to what happens we'vegot an atlanta gkp tracke that's projecting 3.9% growth in q4 that is an acceleration and marking some of the strongest growth now we've seen in quarters what's exactly happening to the economy? >> i think the economy is showing many different things happening simultaneously there's a slowing. one might use a recession word so think about housing, for example, with mortgage rates 30 years running up quite

dramatically we see slowing there for sure. we see continued forward momentum in some of the service sector some of this is being supported by household balance sheets that are still across the curve relatively strong, but that will change during the course of this year so i am expecting what i would imagine in the second half of the year to be a short and shallow recession in part because interest rates will have risen, you know, quite a bit, and also because of external shocks so it's a very turbulent uncertain period with some things moving rapidly, some things slowing rapidly and the fed still very much in action and not ready to start to ease any time soon. >> roger, thank you. appreciate it. >> thanks, sara. >> we're lucky to have you onboard during this turbulent time. wells fargo issuing a very bullish note on one casino operator because of the reopening. today's stealth mover is next.

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let's check out today's self-mover it's wynn resorts. outgrowing the stock, hiking its price target from 101 to 74. the analysts saying the cow's

recovered. it will help shares hit the jackpot. they're outperforming today. communication service, real estate, financials, and industrials all in the green as the s&p 500 is down less than half a percent after the break, a blockbuster idea baird just upgrading the company formerly known as square to outperform after a disastrous performance in 2022. we'll find out why when we speak with the analyst behind that call that story, plus apple and google and meta adding dominance when we take you inside the market zone next

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we look at trades and apple. we kick it off with the markets. the dow is down only 53 points we've come down off the lows mike, it dirt look like we were going to start out in a better mood this year didn't quite hold those gains from early morning bonds are rallying the dollar, kind of mixed. it's weaker against the japanese yen. i mentioned that as a warning sign it turns out companies are out raising money. we had a pretty good first day back for the bond market, for the credit market. mike, $34 billion of investment grade pricing today j just for context, 13 billion placed in december. >> you're right. there was a drought in december. you want to see that the corporate credit market is open

and that the fixed new jersey income markets absorb it pretty well it's a net positive. january, it would not be surprising to see a little bit of sloppy trading. early parts of the year have been more down than up over the last couple of decades so it's not obviously a rule, but it's something to keep in mind more broadly, expectations have been beating lower the s&p 500 has been in a range for months we will pay a lot of attention, i think, to the economic numbers this week. that is a pretty good timely economic momentum indicator that's going to help determine the whole recession call. >> the dollar's pretty strong today. a percent move that's a big one, which is always a headwind for stocks let's look at apple. it's the biggest decliner for dow. it fell below $2 trillion, this decide foxconn's iphone city rushing to full capacity

steve kovach joins us. steve, what are the big issues weighing on the stock? >> just a lot of uncertainty, sara look, we got off this holiday quarter where apple couldn't make enough iphones to meet the demand they were seeing. they even warned about that in early november, and a lot of people just couldn't get their iphone in time for christmas so the big uncertain question now is can they carry forward into this current quarter in january? if you didn't get an iphone in time for christmas, are you willing to buy one this year instead and get it a few weeks or a month later, and on top of that as recession fears keep mounting are people going to say, hey, i don't want to overspend in case a recession hits now there are some positive things that we are hearing about. morgan stanley came out with that note today like you said saying app store sales were up 1% in december that comes off five straight quarters of app store sales declines some of just a little bit of green sheets there potentially for the services

business they think morgan stanley does think that there's going to be an acceleration of growth for the december quarter after a pretty dismal year for the services area. but overall it's a lot of uncertainty and whether or not apple buying back a lot of shares can keep it afloat rhettive to its peers this year. >> mike, not used to seeing apple on the 52-week lows list it's touching on the lows we haven't seen since june 21st >> yeah. exactly. i think all the things steve ran through are absolutely weighing on the stock but the other thing is it's completely a victim of its own success in drawing capital and making it as expensive as it's been since the pre-iphone era. that's just the unwind these gone on here it's a pretty satisfying answer to say it's all on the expansion on the way up and value compression on the way down. that to me is most of it at this point where you had a lot of folks who -- it's an interesting spot because, yes, it's down 30%

over 12 months, but it's still up 70% over three years which means you had people with profits in these stocks who wanted to wait until the next calendar year to book it for capital gains purposes i don't think it's all about taxes one way or the other, but it's a lot of cross-currents affecting apple. mostly it got way too big in tin dex, way too expensive, and now it's unspooling some of that. >> steve kovach, thank you by the way, tesla has shares that we haven't seen since august 2020. it's on the 52-week low list shares of stock, you look at the name they're saying sentiment can improve this year as growth remains good block shares fell by 60% in 2022, and the analyst behind the note, david koenig joins us now. what changes were the block and investors in 2023? >> thanks, sara.

this is a premier growth we think inflation and rates can help the company so there are macrotailwinds for them. >> what about the problems people worry about the downturn in cycle, grow-down in spending. the big exposure what does that look like >> bitcoin is only 4% of gross profit tons of costs around that. what i love is markets can expand meaningfully. their revenue per employee is $500,000 all the companies we cover around that, 40%-plus margin square is only at 15% margins. so we think they have tons of

room for market expansion coming up. >> explain the employee ratio to us a little bit more, why it's different. >> yeah, sure. so revenue per employee, it's an important metric for us. when you generate a lot of revenue per employee, that's a lot of yield for each employee you hire generally companies that have a high revenue had very himars gins block does not have the himars gins because they're investing so much in products which has been great for them to do. we think they're going to unlock a lot of that in the coming years as growth continues to be strong. >> thanks for joining us on that call dave koning. google and meta no longer the kingpins of online advertising. research from insider intelligence that was in the journal finding that these two account for less than half now of digital ad spending in the u.s. in 2022 first time they've cropped below that threshold since 2014.

their advertising market share expected to sh ink to less than 45% this year as competitors as netflix and tiktok grow. is this something that you think the market is already on top of? >> i think you have to look at it they had such a hit from the apple privacy changes. it's very low single-digit growth year over year. google was probably darn close, just a few shades below it then you've got these kind of upstarts amazon is not an upstart they're doing 37, $38 billion in revenue. my guess, they're probably the next to do $100 million in ad rev. they have a lot of things going

for them right now tiktok could, too, but now we've got a lot of political uncertainty over tiktok. so you have to look at other sources. i think netflix is one of the intriguing ones out there. >> tiktok obviously, a share gainer on ads. but lots of talk as you mentioned about the political implications for tiktok, whether it's going to get banned i've heard a lot about this. has anything changed fundamentally that you think this could happen, and if so, does meta -- is it a beneficiary? is it that simple? >> meta would be a beneficiary so would google. the data we look at shows tiktok's time -- that's tough to say quickly, tiktok's time has come apart from youtube. and snap would be a company. i don't think a tiktok ban is imminent but the odds have increased enormously over the last six month there's a government procedure in place that requires

divestiture, and it doesn't seem like a deal was able to be reached between the u.s. government and bytedance i don't think bytedance will voluntarily divest tiktok. so it's hard not to come to the conclusion there's a distinct ban of tiktok like has happened in other countries like india within the next couple of years. i think that's why revenue has weakened based on sources we've talked to. >> so everyone in your universe, you've got a completely different landscape that you were presented with since this time last year in terms of multiples andle estimates. which do you think are most out of whack now that you have a frisch 2023? which valuations look ridiculous to you >> i don't know about ridiculous, but we've had multiple steep rates dropped, cross actions that have helped

reduce fundamental risks of these names. i still look at a sector where it's very heavily levered to consumer spending. revenue growth is going to be slowing down for all of these names unless they have a new product cycle or are resilient there are two names i like this year i like netflix and uber. i think they hold up well. net flick has the most interesting new product out in space with this ad offering that's taken off slowly, and there's a lot of potential and netflix wins in so many different ways i like netflix right here, right now. >> got it. mark mahaney, thank you very much all these media names are some interesting outperformers on a down day meta at the top of the list at 11.5%. two minutes to go in the trading day. what else have you seen on the internals, mike? >> it's been firmer. that's, again, part of the pattern of the traditional stock doing better than the huge one

basically a 50-50 split, up-and-down volume slightly skewed take a look at the s&p 500 a pretty good split opening up here that coincides with the peek and the dollar and some of those markets out there as well. and then the volatility defense, pretty routine after a three-day weekend. they're going to rebuild expectations for how much the market can move up till 2023 hovering above the lows. people bracing with the jobs numbers coming on friday with the potential for whippiness, sara. >> as we get into the close, the dow is really coming back. we're seeing that. we were down almost 300 points at the dow we were up more than 240 but it does look like we're going to kick off the new year after the worst year for stocks since 2008 with more selling the s&p 500 down about 0.4%. it's not extreme, and there are

some interesting pockets of strength like communication services i mentioned mega, comcast, our parent company, disney, at&t having a strong start to the year they're all going to close positive utilities joining that group as well energy, technology, consumer discretionary, thank you, tesla, all at the bottom of the list. the nas detective closes down three-quarters of 1% that's it for me on "closing bell." into overtime with scott all right, sara, thank you very much. welcome very much to "overtime." you heard the bells. we're just getting started in just a little bit, chart expert jonathan on apple's next stop hint, it's lower he'll tell you how low it might go throw we begin with our t"talk of the tape." nasdaq starts off in 2023 lower.