>> everyone is like does someone know something about the tesla print tonight? >> rivian, lucid -- >> or they don't >> good to see you, my friend. thank you for watching "power lunch. "closing bell" starts right now. >> see you tomorrow. stocks starting the day on a shaky footing amid a wave of earnings reports look, we've made a serious comeback the dow was down 460 points at the worst levels of the day earlier. and now we're at the highs, down 15 this is the make or break hour for your money welcome to "closing bell." i'm sara eisen look at where we stand the dow down 15. the s&p 500 down 6 points. a few groups going strong. financials having a good day, despite the fact that treasury yields are lower consumer discretionary is higher a lot of e-commerce names and travel names working well. retailers having a good day. the nasdaq is down about a

quarter of a percent technology is underperforming. we'll talk more about tech and the microsoft reaction looking ahead to other earnings later in the show check out some of today's key earnings movers. microsoft and boeing both making a pretty big comeback. microsoft at one point popped positive after it was lower on the back of guidance at&t jumping on strong subscriber numbers, up more than 6% coming up on the show, we will talk to ad tighten sir martin sorrell about the justice department's case against google first up, let's get to the market dashboard to break down the news is mike santoli a little indecisive on how to take these earnings reports. >> we have been. there's been enough beats and misses if you look at the topand bottom of the index, the s&p 500, it's all earnings movers. they are mostly offsetting this dip buying instinct shows a somewhat different character this month relative to what was going on most of last year

i think typically if we got up 3% to 4% opening drop and a 5% s&p weighting, but it's a strong month and a strong week within the month. we keep drawing that same line, it's imagination, but it means something to somebody. that's where we are. perhaps this is now a test of whether we can break above -- i mentioned yesterday the fact that we went nowhere after back-to-back 1% gain days showed you there was traction within the market we will see if it continues. gdp, pce inflation and the fed in the next five trading days. looking at microsoft relative to the nasdaq 100 on a valuation basis. this partly explains why the market was able to absorb lower guidance from microsoft, not that the stock is cheap, but that is the valuation is down and off a lot from the mid 30s down to 22 it's in parity with the nasdaq 100, which is in the low 20s

this is a 20-year look i did want to point out right in here is where satya nadella took over microsoft at a discount to the nasdaq 100 through this decade then the boom in the cloud, the m&a strategy, it went to a premium. right now, still having to decide whether, in fact, big tech has kind of got enough payback and is sort of more reasonably valued or not i think in general, the cyclical areas of the market continue to show strength. consumer finance today, like capital one, teledyne, some industrials as well. >> hence the financials at the top of the market and consumer discretionary. i feel like one of the most important things to happen today came from our neighbors up north, the bank of canada. they raised interest rates as expected but then they signaled a pause they said even though economic activity remains robust, we'll

pause and see the tightening effect i pointed out because they were early on tightening, early on this notion of front-loading, big tightening moves to calm inflation down, then ahead of the fed in october when they came out and scaled it back to a half percentage point. so every step of the way, bank of canada has led. i wonder if this signals that the fed is closer to pausing >> i think it's on people's minds. >> there's the loony >> we're at this moment where the fed will move again, but that could be -- maybe we get a signal that they're going to go data dependent, we might get a 2%, 3% gdp number tomorrow so the economy seems like it's chugging along therefore you're in this eye of the storm, you want to call it a january thaw if nothing else, it seems like things are not getting worse on either front at least right now. >> did you see the mortgage refinancing data today it had a pick up after the doom

and gloom on housing it's confusing out there mike santoli, thank you. let's talk about microsoft and the read through for tech more broadly joining us is keith weiss and barbara durant keith, you're not surprised to see the stock turn around spra day. you're bullish on microsoft. what are you hearing from your clients? >> thanks for having me on the show in terms of what clients are looking for, this is not necessarily disappointing. there's two things that you want to see from microsoft. one is a stabilization in their cloud business the december quarter, they did well in their cloud business it exceeded expectations the guide was more conservative than people looked for but we look for the underlying secular growth trends. the other thing you wanted to see was good support for operating margins and earnings growth with restructuring and better expense control in the current quarter, microsoft is pointing

us towards low single digit growth when you get into the june quarter which should yield better eps growth and i think that's what people are looking forward to, better eps growth on the horizon. >> barb, are you willing to give microsoft a look >> absolutely. microsoft was down 30% last year because it was already discounting the economic slowdown you saw it in gaming, advertising, pc sales down a lot. it's not a surprise to see it softening on the all-important icloud area. i think that this is -- the stock at 24 times is not cheap, but it's come down a lot probably the downside from here is limited given that it's a great secular growth story if you think the worst case is mild recession to no recession, if the fed is near its peak interest rates, i think you can

look through this. by year-end microsoft should have reestablished its ascent up i think it's quite interesting here in how it's behaving, but it's not just microsoft today behaving well. >> talk to me about what you read into the microsoft numbers as far as what it means for some of the other cloud stocks which were initially down on these results. amazon, some of the cybersecurity names like palo alto >> yes also the pure cloud plays. there's three categories here, one is the broader market, then the pure plays like datadog, snowflake and then the big gorilla, amazon, who still has leading market share, though they've been giving up share over the last four years to azure and to alphabet. both of those companies report next thursday. again, if you look at the performance of these stocks in the last year, they are really discounting a lot of slowdown. but not talking a major recession or suddenly the fed

came out and said we're raising rates dramatically that's a different story than the whole market would sell off. i think obviously people will be interested to see these reports next week. >> on that, maybe you can tell us, what's happening with market share and what's happening with cloud growth overall it's hard to figure out -- it's pretty cyclical, right if you expect a pullback in the economy or a recession, enterprises should cut back on spending, but it hasn't been that simple. >> i think that's what investors are trying to put out, the cyclical versus the other elements going on. in the near-term, we're dealing with a cyclical impact people are talking about optimizing their cloud spend, it's a consumption business, you could ratchet it up and down depending on how much you're spending on those cloud services while people are worried about

their budgets, they're rat ratcheting it down a bit, but the secular trend is much more positive we see cios, we see it in surveys and conversations, they're planning to move more aggressively to the cloud on a forward basis. so people are feeling more comfortable about the macro and the spending environment and more willing to look towards the underlying secular trend versus the near-term noise you're seeing from cyclical weakness on these consumption models w >> so, who is a winner and who is a loser >> on the market share question, i think microsoft is doing well in terms of market share they're acting as a consolidator in the space in several different areas. cloud is one of them, but also in security. they talked about their security business getting to a $20 billion plus run rate. they're doing well in end point security doing well in security

analytics. on the other side you worry about a name like splunk, the legacy vendor in security analytics and has been growing a little bit slower in the near-term. they're doing well in consolidating on to 365 and getting productivity functionality, getting consolidated on to that platform maybe you worry about a name like ring central who is trying to be a cloud vendor the names in consolidation, that's where you're more concerned because this environment seems to be pushing more cios to have more functionality come through fewer vendors. microsoft is a real winner in that regard. >> i know you like it. 307 is your target keith, thank you barbara, great to hear from you as well. >> thank you the dow has gone positive.

after the break, sir martin sorrell will talk about the doj's lawsuit against google surrounding the advertising market plus his take on a new report saying ad spending on twitter is down big time since musk's takeover. you're watching "closing bell" on cnbc.

the department of justice filing a lawsuit against google

targeting its online advertising business. >> joining us now is sir martin sorrell. it's great to have you back on the program. thank you for joining me >> good to be with you >> we thought to talk to you to see if google has the dominant position in ad tech and whether you thought this was a reasonable case that the department of justice was bringing on. >> i'm probably a little bit subjective about it given our business and -- which is based in the digital advertising sector i think it's a bit like shutting the stable door after the horse has belted in the sense that google's position has market share position has eroded.

there are a lot of competitors out there. meta, tiktok, and amazon and new entrants like apple and microsoft. all of them are building formidable advertising presences. there are smaller platforms such as snap and we'll get into twitter and as well as what's happening there and pinterest, but there's a significant amount of competition the irony about this is 15 years or so ago, all the regulatory authorities gave approval for these deals that google did. the advertising exchange, putting that business together it is true they have a significant position but i don't think they've abused it to the extent that the regulatory authorities are suggesting if you went through the pandemic, those small and medium-sized businesses which probably make up the bulk of both google and meta's

advertising revenue, 60%, 70% came from small businesses which wouldn't be alive today but for those programs having a strong tech sector, it's quite clear from the tensions that we see around the world, whether it's in europe or asia, having a strong tech sector, which the chinese government themselves are realizing is really fundamentally important to having a strong country. eroding the position of the major tech companies i think works to the disadvantage of any country. >> we had the colorado attorney general on the show yesterday. i said that argument i said but there's amazon, it's growing its ad business faster, and there's meta, which is also a major player he said it's distinct -- meta offering ads on its platform is distinct to a publisher wanting to ad tools.

he said that has harmed competitors and consumers. does that make sense >> look, i think it's fashionable or politically -- it's like bashing china. it's politically acceptable or justified to bash tech companies. the search light has moved a little bit away from meta and facebook to google and others. but it was fashionable about six months or nine months ago to be blaming facebook, i think unreasonably, for every social evil that occurred i think a lot of this is a reflection of the political climate. my own view would be that it will be hard for the justice department to push this through. we've seen it before with ironically microsoft and others over the years this will take a long time to press. the market situation will shift

in time. you look at the growth of some of these platforms, such as tiktok, i think meta will revive this year quite significantly in terms of ad spending so the competition of netflix and disney coming into the ad space, netflix boosted by gaming as well as open ai look at the competitive threats. i think google issued a code red alert in relation to open ai, they have an ai part of google and alphabet, which is of significant size and scope already. so we'll see i think the environment in the digital marketplace has actually become far more competitive in the last few years than -- i know the regulators take time to consider their positions, but i think this is something that has been put forth too late. >> i want to mention two

competitors. they're both in the news, twitter you mentioned. we speak to you in october/november, you said don't bet against musk but let's wait and see. reuters reporting that ad spending on twitter fell over0% in december. does that jive with what's happening with your clients ad dollars? what are you telling them? are you telling them to stay away >> twitter at its hype was probably 5 billion of ad revenues out of 450 globally, in the u.s., 250, 275 it's not a rounding error, but it's the smaller end in relation to what elon musk wanted to do, it's probably achievement. content moderation, moderating the content on the platformis absolutely critical. he lost a lot of people either because of what he's done or because of people's reaction to the bid and the takeover whatever it is, sorting out

content moderation is critical no advertiser wants to advertise with extreme content any cmo does not want to receive a call from his ceo or her coo saying what the hell are we doing advertising on the platform where there's extreme content or content that we disapprove of? controversy particularly in slow growth or recessionary times, that's critically important. so, any hint -- any whiff of a problem of this nature is a problem for the advertiser they just pause. that figure for reuters, it was in relation to december ad revenues for twitter down 71%. >> yes >> it is not a surprise in the context of what we're seeing so he has to sort out the content moderation >> so what about tiktok and problems that may present? you mentioned that up top on the new competition, but there's a

political war here in this country against tiktok and concerns about the chinese government and propaganda. is that a concern for advertisers and a potential opportunity for tiktok's competitors if we see this push against it >> tiktok management, bytedance's management which looks like it went from $5 billion of revenue to $10 billion, twice the size of snap last year in '22, we have numbers for bytedance, i think they're scheduled to do about 90 billion in terms of ad revenues and e-commerce activity in '23 versus 60 billion last year. my own view would be that they would be best sort of keeping their heads down, a little bit under the radar, going for an ipo or going further in terms of

public activity might be risky for the reasons that you say, the china phobia, the invective against china, it's a two-way process. the chinese have had their wolf worries. interestingly, president xi removed one of the wolfs from the foreign ministry, so maybe we'll have more moderation but the invective is at a very high level with that high temperature, and with it being -- it's like bashing tech bashing china is politically advantageous, it's a bipartisan issue, both democrats and republicans espouse it you're right to point it out it is a background issue and i think the best thing tiktok can do is continue to

develop its business as effectively as it can do without raising its profile too high >> sir martin sorrell thank you very much for weighing in on all the hot topics >> thank you >> good to see you thank you very much. let's check in on the markets. we turned negative on the dow, down 37 points, this morning, about an hour after the open, we were down 460. we're down about 37. mcdonald's, bidisney, american express fueling the comebacks. strength in the financials, consumer discretionary and staples are positive what's not working well? utilities, communication services and industrials wall street is buzzing about a potential shakeup in some of the top economic posts we'll tell you about psiosble changes at the fed and the white house next

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what is wall street buzzing about? lael brainard, multiple reports saying she's the front-runner to replace brian diece. other names under consideration, gina raimondo, gene sperling, a top adviser to president biden, led the nec twice. sylvia burwell current president of american university brainard is an obvious pick. she worked as undersecretary to treasury during president obama's administration, she has deep knowledge on global economics and policy she's been on this show multiple times. the job is not to be chief economist for the president, it's a job to coordinate the flow of ideas and policy

information and recommendations. so it's helpful to have someone with a broad range of experience in the position. but she made be needed more as the federal reserve vice chair as the fed walks a tightrope taming multi decade high inflation while not sinking the economy in recession ed mills, a washington policy analyst tells us this role is a step down. it's unusual for a vice chair or someone in leadership to go to the white house. and the real question, he says, is what the next job is that she wants. not what she gets. it's either treasury secretary or fed chair one research note out this morning thinks the brainard switch would be bearish for stocks stocks won't like it because she's been a dovish voice versus her colleagues at the fed. also would potentially leave a big position for biden to fill for vice chair at the fed, someone who gets a vote at every meeting and whose voice is important in the policy debate,

especially lately. biden already lost a fed confirmation fight should be easier this time with the 51 votes democrats have in the senate, but either way with wall street focused almost entirely on the federal reserve's policy and every word from every policymaker, especially the vice chair, especially vice chair brainard, there will be consequences for investors. when we come back, block is up 30% or so so far this year. coming up, an analyst who downgraded the stock on why he thinks you should take profits now. the dow managing a stunning intraday comeback. we'll be right back.

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elizabeth warren delivering a keynote today. eamon javers with the highlights >> she called for more intensive regulation of the sector from washington in that speech you're talking about to the american economic liberties project that group advocates for more antitrust regulation over corporate america. now, warren endorsed the s.e.c.'s efforts to regulate crypto and said the industry is

scared of a strong s.e.c., and the crackdown is why the industry is spending millions each year lobbying to escape s.e.c. oversight they called for the department of energy and epa to require crypto minors to disclose their energy use and environmental impact she said banking regulators need to ensure the banking system is insulated from the risk of crypto fraud she also said congress needs to give regulators the resources they need to get the job done. >> i am not willing to trade the life savings of millions of retail investors, the integrity of our energy grids, the soundness of our banking system or our national security for a bunch of hyped up promises >> warren also said she wants treasury's financial crimes enforcement network to be able to force crypto firms to operate under the same anti-money laundering laws as banks and other financial institutions

>> some tangible ideas there see what she gets. thank you. one name we're watching in the crypto space is block. the stock is making a comeback, along with tech today, it was downgraded from oppenheimer saying the pmoves in the past four months could evaporate. reading your note, it seems like it's more of a macro stock market strategy call you say it's a barometer for risk, a first mover for risk-on and you expect stocks to take another leg lower. is this square specific? >> there are some square specific features that are built into this note part of what we're thinking is the account acquisition could become harder given the fact that block has made some tremendous moves through the pandemic so, we think that the accounts

will slow quite a bit. we think spending per active account is likely to slow as well when we think about who block's customers represent, it's the low and mid-income consumer. and they've seen a lot of stimulus gains over the last year or so we think some of that will move to the sidelines we think that some of the numbers consensus what are just too high so, if you put that together with seller also seeing some headwinds, remember, they focus on micro and small businesses. so, those tend to have high fail rates more than the average businesses when we have a recession or a down period so, we just think block is going to be much more volatile than some expect. after the 45% three-month move, we just think it's time to take some chips off the table today >> i guess it's a game of expectations here. yes, it had a big run up, but it's still down 30% or so over

the last 12 months and had a sharp fall you say at this point now, it's overshot on the upside relative to where you would expect earnings to come in. >> that's right. we're about 10% on average below the street on gross profit expectations over the next two years. so, if you think about it, that's how the stock gets valued off of gross profit. our original thesis of why we were outperformed is we felt they could protect adjusted ebita. unfortunately, a lot of investors don't care about that. so, they really are focused on the growth story of block, they are amazing executers. when they enter a segment of the market, boy, they dominate but as we go through the tougher period, we just think that the valuation has kind of reached above where we would expect it to go near-term given the downside for the market and for the stock in particular. >> dominic, thank you for

joining me with a quick take on the square downgrade or block from oppenheimer appreciate it. >> thank you very much let's look at where we stand right now in the markets as we head into the close. down 12 points or so on the dow. it went positive at one point. couldn't hold the gains, but we're well off the lows. in fact, pretty little changed s&p 500 down a tenth of a percent. again, it's the financials and it's not just the banks, it's some of these other names in here, capital one, the credit card names, synchrony, discover fueling gains. marketaxess helping the group rally. it's been a bumpy ride for shares of boeing after reporting an unexpected quarterly loss despite an increase in demand for planes coming up, a top analyst on whether there could be more turbulence ahead for the stock we'll rhtacbeig bk. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience.

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we're in the closing bell market zone. mike santoli here as always. plus we have ken herbert on boeing's bounce back and julia boorstin on at&t having a big day. let's kick it off with the broad markets. it's been a comeback for the overall market a big comeback for microsoft after the guidance was disappointing. the sequential declines in azure growth is the overall feeling that earnings could be worse if we're talking about a weaker economic environment? >> certainly that's one of the takeaways, along with the fact that the market did do a lot of work on the downside coming into this earnings season

we've been aware that consensus was coming down. i also would just try to read the tape itself and get a feel for how people did not come into this year being particularly bullish and being positioned for good things. the market acts in a way as if people are willing to reload on risk and buy dips. now, part of this is january stuff. part of this is a lot of stuff overshot to the down side in december it's getting some relief today so you want to be aware of not declaring victory and saying the bull market is back on just because of all this. but a lot of the signals are lining up that suggest that the economy looks like it's less worrisome than we might have expected for the moment at the same time that people were under exposed to the stock market. earnings are good enough in that context. >> i would also point out that two declines today and yesterday, but we're still up a percent for the week it's only wednesday. up 1%, 1.5% for the nasdaq on

the week so far. boeing making a surprise turnaround midday. stock was selling off earlier after a disappointing quarter. strength in deliveries and its first annual positive cash flow since 2018 perhaps offsetting an unexpected quarterly loss and a revenue miss tied to supply chain issues david calhoun telling cnbc earlier that he predicts a choppy year. >> i have confidence that we'll get through this year. it will be a bumpy year for sure all the other major 1 tier guys are on the same page transparent discussion about what's required, what's needed to hit the next rates, et cetera >> rbc managing director ken herbert has an outperform rating on boeing. $225 price target. was this a good quarter or not >> the quarter in and of itself was mixed, i would say obviously they hit their free cash guidance for the quarter, which was good they didn't change their full-year 2023 outlook, which

they initially provided last november at the capital markets day. that was positive. there were some cautious comments around supply chain and some of the execution issues but until we get negative data points on there, at the high level, you got a reopening in china, you have a public in our view that wants to travel again, you have a supply chain that seems to be getting better i think that's all incrementally positive for the stock here. >> so where are we on execution issues, particularly surrounding the delivery of 737 max and the 787. that's been the focus for investors, right, in the past few years and a big overhang >> certainly you're exactly right those are the two key programs where boeing has had a number of issues we've had four issues of significant supply chain headwinds and execution issues here those are the two most important programs if you think about the cash profile for boeing over the

next several years boeing has guided 400 to 450 max deliveries this year it sounds like they're still struggling to stabilize at 31 a month. we think a lot of suppliers are struggling to maintain these rates. at a baseline, if they can maintain that production level, that's incrementally positive. the 787, they have 70, 80 deliveries this year a program with a lot of manufacturing issues over the last 18 months which appear to be getting better on the back of good deliveries in the fourth quarter and into a strengthening wide body marketplace. it's probably too early to say we've come out of the woods in terms of the supply chain and the issues there the recent data points have been encouraging. >> i can't tell how bullish you are from your tone and your price target at $225 it's not that far from where we are now. >> it's a fair point keep in mind the stock has been up 40% in the last 12 months

i think the stock could have a period of consolidation here while the earnings and confidence grow into what has been a pretty strong move in the stock. this is a stock, as you think about some of the tailwinds in terms of china and the travel recovery and an improving execution story. if there's a sentiment around risk on and less economic headwinds, this is a stock that i think investors want to own and should continue to work through the remainder of this year, assuming that the execution story holds up >> ken, thank you very much. att, one of the big winners in the s&p today the telecom giant reporting better than expected profit thanks to a jump in subscribers. the free cash flow guidance comes in better than wall street estimates. earlier, john stankey said he doesn't see demand significantly dropping off despite increasing concerns about the consumer. >> for us, it's been a pretty stable environment right now

do i -- am i cautious about what the future might hold when we provided guidance, were we clear today when we said we have an outlook that's a more moderated outlook of growth in the industry and we expect inflationary pressures moving through 2023, i expect that to occur and i expect a more moderated growth environment for the aggregate of 2023. >> julia boorstin joins us now looking at the stock, at&t has been a quiet out-performer it's up over the past 12 months. verizon is down 24%. it's always -- you have to always talk about competition when you talk about the telecom giants where does at&t stand right now versus the rest? >> well, it is up over the past 12 months, but it has underperformed t-mobile. t-mobile has taken share what was interesting hearing from stankey today, he said even in an environment where the opportunity to keep growing subscribers is relatively

limited, he sees his subscribers really using 5g and being willing to pay for it. this idea that they'll be able to generate more revenue from their existing subscribers he also talked a lot about the opportunity in the enterprise use cases for 5g, with autonomous vehicles driving demand for the auto sector with sort of the whole manufacturing space as well as the medical space. i think he's looking at these untapped opportunities in the more nascent areas that are using 5g and enterprise as well. >> the market likes what they heard. thank you. shares of shopify are surging today after the company said it was hiking prices noting on a blog post that fees have been largely unchanged for the last 12 years. shopify says basic plan charges will increase 34% to $39 a month with other fees jumping by a similar amount the stock is now up 30% this year, still 50% below its

52-week highs. clearly the street was waiting or looking for something like this, or maybe not expecting something like this. how does it fit into the overall strategy and what the growth trajectory looks like for shopify? >> definitely a pleasant surprise here. one gamble that analysts pointed out when it comes to the price hikes is that you risk potential attrition, but you've seen competitors of shopify raise prices with not much of an impact on retention. that's something that analysts are pointing out today competitors are already charging more unlikely that users will go elsewhere. that's helping the stock absolutely up more than 10%. the consensus has been that shopify has been underpriced relative to other price platforms. the coo said it's been 12 years since they meaningfully changed prices also a way to potentially offset

some of the slowdown in e-commerce it is expected and it has been talked about shopify was one of the big growth names during covid. they said they underestimated the e-commerce pull-forward effect that's one reason they did layoffs. this will hopefully offset that, but a good thing in the analyst community. >> thank you nike, looks like shopify is not the only one a number of these work from home, covid, winter stocks have seen a surge >> there's a handful of them, and you could say it's a surge, but in the broader context, you saw a huge boom, dramatic bust, and a long multi-month process where they went sideways, they built a base and now are picking up you can't go out there and just scoop up every one of the favorite stocks in the first quarter of 2021 and say this

will be a big comeback story, but there are those like these which seem like they're actually net winners and seem like they're finding new buyers, stronger hands to own them >> help in the arc innovation fund as well we're minutes away from tesla's earnings the stock has had a sizable rally to start the year, up more than 30% and a intraday turnaround phil lebeau is here. >> look at the automotive gross margins. this is the win metric people will be focused on when earnings come out in a few minutes. look at where they were last quarter, 29% third quarter, just under 27%. most believe they will come in at 26.2% if it is around there, i don't expect any reaction at all if the numbers are way below that, you might see the stock fall out of bed a bit. the expectation is that it will be a bit north of 26%. that's the one metric to watch when the numbers come out in a

few minutes. >> does elon join the call i forget, is he doing that >> he says if it's something important to discuss what else would he discuss yes, i think he'll be on the call if he's not on the call, then people will say what are you doing? >> right stock still hammered, down about 52% in the last 12 months. thank you. mike, how does tesla look? >> it's trying to find its footing here in the 140 area it just seems like a treacherous story here both for longs and shorts. you know, essentially i keep looking at the three-year chart and how much of a momentum it built up and then lost it's still way ahead on a three-year basis this thing got into the top 20 of s&p 500 weighted companies. it's more than 1% of the market. still, you know, even though it feels like it's done nothing but lose for a year or so. >> tesla is a gainer today, but the nasdaq not quite getting it

done it looks like it will be down again for the second day what do you see on the internals? >> it's very mixed even at the lows today, it was not one way to the down side it's now positive. it did turn over the course of the afternoon, almost 2 billion advancing volume, 1.3 billion declining. net new highs and lows that's been a positive story we're starting to see highs on the nasdaq outpace new 52-week lows that's over the passage of time. that's how the tape heals. volatility index never got rattled today, even when we were selling off. just above 20. we're back around 19 i will say that the most important chart today is the u.s. dollar versus the canadian dollar canada signals a pause in its central bank perhaps a leading indicator for the fed after a rate hike today. as we head into the stock market

close, look at where we stand. we're unchanged on the s&p 500 the dow just popped negative you have strength in groups like the financials today, consumer discretionary, consumer staples, health care, everybody else is down nasdaq down 0.2% everybody is up for the week except for the dow transports. amazon helping the nasdaq. that's it for me thank you very much. welcome to "overtime." we're just getting started from post nine at the new york stock exchange boy, do we have a big earnings hour ahead tesla, ibm, servicenow and las vegas sands hitting the tape any moment now we'll show you the stock moves great guests coming up eric jackson on the stock he just bought again. rick