successfully, there is business to be had. you had catch more on this conversation on manifest space, my bpodcast. that's out catch it wherever you catch your pod cast. >> not yet subject to cyclical forces the spay ince industry. >> that's going to do it for us on "squawk on the street," "techcheck" starts now good thursday morning welcome to "techcheck," i'm carl quintanilla with jon fortt and deirdre bosa coming up this hour the growth debate earnings versus econ some bearish commentary, bullish data what side of the market should you be on. tesla turn around, the in 2023 later, an exclue wisive with the of jetblue we'll get his take on the consumer in a moment >> let's look at the market as

investors digest as you can see the dow up about .3%. it's the nasdaq that's continuing to be the outperformer comei coming off some of the earlier gains, tesla is on a tear energy led by chevron after announcing a buyback on the flip side the safety trade moving lower with consumer staples and health care lagging, john >> let's start with the data and earnings headline economic data coming in strong, durable goods surge, jobless claims remain low. on the earnings front, corporate america isn't painting the soft landing picture the econ data might be dom, can you sort through this for us in. >> we can. a little bit over a quarter of companies in in the s&p have

reported their results it's been a mixed picture. we know that analysts tend to take down their expectations for companies ahead of earnings season so when they come out they're perhaps trying to beat a lower bar. but what we have right now is a surprise factor with the companies that have reported how many have beaten estimates, 69% have reported better than expected earnings and the surprise factor is 2 1/2%. revenues pretty much in line, about.5% better than what analysts were looking for. this is the blended earnings and revenue growth rate. if every company in the s&p reports as expected for the rest of the season, the growth rate will be down 2.7% versus the same time last year and up about 4.2% for the revenue side. the commentary is where things get interesting. everybody is being more

cautious, and you can't blame them we selected a few quotes to go through and give you an idea what we talked about sherwin-williams earlier today, saying we will not be immune from what we expect to be a very challenging demand environment in 2023, visibility beyond our first half of the year is limited. sherwin-williams now through to another one on the consumer side of things. look at what macy's is saying. based on current macro economic indicators and our proprietary credit card data we believe the consumer will continue to be pressured in 2023 particularly in the first half of the year. this is "techcheck," a tech name asml saying there continues to be a lot of uncertainty in the market due to a number of global macro concerns around inflation, rising interest rates, recession and the geopolitical environment. the results are now beating lowered expectations but still beating, that's a good sign. but you have people trying to

set the expectations a little bit lower especially in the first half of the year >> that's the area i want to deal with, there are three months in a quarter, and macy's talked about a slow december, after black friday, cyber monday, all of that. really tepid on the buying side, microsoft said something similar and the guide is where microsoft, at least at first really good hit. we get these gdp numbers, there's no guide in those, we'r backward looking and can't separate the months. >> there as high frequency as gdp data is because it's quarterly. but what you have from commentary is it's the responsibility of a company manager, especially a public one, to whenever things materially change, they have to revise and tell people, that's their responsibility from a fiduciary standpoint so you get

data on that point what you have at the same time is the number of companies cutting back on the kind of data they'll give you oftentimes they forecast things, netflix not giving forward looking subscriber data going forward. so companies are trying to cull back what they give out. but there's still higher frequency data to be gleaned if you take a look at the revenue growth rates that i talked about the tough part here is we know how hot inflation has run over the past year. so how much of that revenue growth is true organic revenue growth versus how much is the fact they're charging higher prices because prices are higher in general. >> that's the fundamentals which is important to focus in the months and quarters ahead. when you look at microsoft yesterday, there was that disappointing guidance on the azure front yet the stock almost turned around by the end of the day. what does that say about the tech spend, investors are

finding reason where they can to be bullish in the market as many expect a recession in the months ahead. >> it's a blend of micro and macro to your point. we haven't hit the massive tech earning season we have apple coming up, alphabet, these other big ones, amazon coming up next week you have a jockeying for position right now you have solid data coming out from the likes of microsoft. it doesn't paint the full picture. it has been predominantly bearish, no doubt about it so as people look at the way things are shaping up, in the nasdaq at one point in the afternoon there were nine stocks in the nasdaq 100 roughly 2:30 p.m. had rally off their intraday lows and they included the tech names and ev maker tesla. so it might show you the sentiment how investors are in the phase of fear of missing out

thing. so you don't have the career long short and long view of tech stocks as you would other times. >> yeah. we'll get more data. dom, thank you. let's dive deeper into tesla. quite a day for the stock. top gainer on the nasdaq, following the beat on the top and bottom line, elon musk covered ground talked about demand, talked about twitter, the potential for recession. listen. >> my guess is if the recession is a serious one and i think it probably will be but i hope it isn't, that would lead to meaningful decreases in almost all of our input costs so i would expect to see deflation in our input costs most likely. which would then lead to, yeah, better margin. >> how should we read those numbers? with us today, tony sagnaki

joins us good to see you. quite a push/pull debate about the price cuts and the choices between volume and margin. sounds like you think there is a mix for everybody. >> correct good morning, carl, thanks for having me on i think the earnings yesterday in the earnings call did offer something for both bulls and bears. on the bulls side, tesla reaffirmed its belief it's going to continue to grow strongly, guiding for almost 40% unit growth and seemed very committed towards achieving that and continuing the expansion in terms of production capacity for both cars and cells. on the flip side, the margins were much worse than investors had forecasted automotive gross margins adjusting for one time events which the street does, were about 23% consensus estimates were 26 so they were well below.

this is before the big price cuts occurred in january globally so you know, certainly there's some possibility that gross margins could be a lot lower, less than 20% at some point in this year. and they were 30% a year ago we've really seen a fundamental change in profitability. and that plays to the bear side. >> what do you think happens -- how do you judge the stock -- i know this is very difficult. how does it trade before we get the analyst day in march >> i think the data point that people will be tracking is how weekly shipments are doing and whether tesla's backlog continues to grow. when we really saw pressure on the stock was when tesla's back log started to go down because that was signaling that orders weren't strong and conversely if tesla's backlog is growing, that means

that orders are at least as good as production. so i think that's the key metric if backlog grows and continues to grow, tesla may raise prices and that would be very bullish and the converse is true if orders seem to be slowing and backlog is not growing, tesla may be forced to cut price, particularly in china going forward. and i think that's really going to shape investor sentiment over the next couple of months. >> how many data points on that, toni, do we need before you feel pretty certain of how demand for tesla on the consumer side is trending >> it's a good question, jon i think this is dynamic, right there's obviously a surge in demand because the price cuts were just announced, and, you know, there is a chance that the ira credit will actually get less after march 1st so there was pent up demand and

people want to get this price and qualify for the tax credit so demand is very strong now and we're going to have to track it and part of it is the trajectory i think ultimately any kind of price change globally will be reflective of that, and that's going to be very key to investor sentiment over the next three and six months. >> it's deer dre, good morning how do we put the discounts in a broader perspective, do you think they could lead to the first ev price war you staid you could envision a scenario where tesla raises prices again and can others be that quick or agile? >> it's another good question. i think tesla has fired a shot across the bow in terms of its prices for the ev industry and car industry more broadly.

and we are going to see intensifying competition generally that's not great for all participants i think one of the fundamental debates around tesla is is thi a car company or a technology company. i believed at its core it's a car company and the automotive industry is a brutally competitive business, ten large competitors, five new well capitalized ev players that entered the market so we're going to have 15 players. it's a global market, historically car makers have not been able to take price. so this is -- where we're seeing arguably the market leader in electric vehicles taking big price. that's going to take reactions and that's going to make the industry even more competitive going forward. and ultimately that's why, i believe, tesla is more a car company and with gross margins

approaching 20% now, that is what a traditional car company gets is somewhere in the 15 to 20% gross margin so that, you know, i think this is -- this is a shot across the bow to the industry. but generally it's not a good shot, because it's going to in gender others to be more competitive and that's the tough part about the automotive industry. >> you pointed the life-long thought all oems eventually come to the same margin and multiple. that's what makes tesla so interesting right now. toni, thanks so much good to see you. >> thanks for having me. still to come we get earnings from our parent company comcast and master card and jetblue shares moving lower but that stock is up 27% this year we'll speak to the ceo exc exclusively. "techcheck" is just getting

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home internet shouldn't be a luxury. everyone should have it and now a lot more people can. so let's go. the digital age is waiting. welcome back our parent company comcast with results today, cord cutting and

cable subs in focus. julia boorstin has more on the numbers on a day where stock almost got back to 41 the highest since the summer of last year >> that's right, comcast shares moving 1% higher after the company reported better than expected revenue and adjusted earnings per share growing losses around peacock and the world cup were bounced out by expenditures than the companies had an tis anticipated. excludeing the impact of the hurricane they would have added about 4,000. but they said they are opt optimistic about an increase market opportunity. >> look at thursday night and the nfl being on amazon, that creates a lot of broad band usage. we want to be a company that's positioned to capitalize on these macro changing trends.

the company reiterated his commitment to add supported peacock adding subscribers to 20 million saying they expect a peak of $3 billion in losses for service. nbc universal weighed in saying it seemed to have bottom out this year. carl >> interesting theme parks we talked about how they're expanding their presence around the country, really but in terms of revenue it's hard to find a year that was better >> it's just amazing with so many questions about inflationary pressures theme park grew and they're seeing it as a space where they see increased spending and attendance certainly one they're betting on

going forward. >> a lot to slice up, july ia thanks coming up airlines have been some of the highest flyers in 2023, the names reporting this morning, southwest, american and jetblue up about 26% this year the ceo is with us fror an exclusive interview from the company's new york headquarters.

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welcome back a number of airlines with results this morning, the sector has been an outperformer to start the year, jetblue one of the companies that reported today, let's get to phil lebeau who joins would us with the ceo interview. >> thank you robyn hayes joining us on a day you beat on the top and bottom line we knew the fourth quarter kwas going to be strong but you guys

were expected a wider loss relative to street outlooks out there. i know it's a weak quarter historically for you but why are you expecting wider than what the analysts are expecting >> good morning, phil. a couple of things i really think it was a timing issue. if you look at the full year guidance we gave, it was pretty much in line if not slightly better than what people were expecting. i know traditionally q1 is the weakest revenue quarter, we are northeast based predominantly leisure airlines so some of the revenue estimates were higher than what we have guided to. but our guide of 30% year on year revenue increase for the quarter is very consistent with what we were seeing, the revenue strength we were seeing last year it's completely normal to what we normally see the difference between q4 and q1 revenue if you

look back to 2018, 2019. so we're continuously great revenue strength and on costs it was a question of just timing. and what we guided costs for the year was very much in line with what they had said previously. >> the pentup demand was a part of what fuelled the success you had in the last year, how much of that is played out in your opinion or do you expect it to extend into the summer and are you reassessing your capacity and schedules because the demand remains as robust as it is >> yeah, demand is really robust across the board and we've seen that we have seen some plateauing of business travel demand since the end of last year but most of what we carry is leisure, traffic or people visiting friends and family, that remains very, very strong

fil phil we expect it to continue yes, there are people taking trips they wanted to take. but if you look at the proxy for revenue in the airline industry overtime is gdp. the -- if you go back to 2019 and look at how many gdp has grown we're at a point where the capacity industry is looking that i think that's also part of the explanation. in terms of the capacity guide, we don't expect it to change much we are still suffering from aircraft delivery delays so we had to reflect that in our capacity guide, and also we continue to plan and operate very conservatively. i couldn't be more pleased with how well the team has gone in the second half of the year, completion factor in december, which is the flights that we scheduled that we actually complete was the best in the industry and so we're going to continue to plan, more prudently bring

out aircraft utilization down from 2019 levels and that's also going to act as a moderating impact on capacity >> a big growth driver in the future for you guys is the proposed merger with spirit, we haven't heard yet how the federal government is going to weigh in on this in terms of if they ultimately decide to fight it what's your sense in terms of a road map, when you will get a better sense of yeah, we think we can get this completed and we can incorporate spirit into jet jetblue? that's your time frame at this point? >> thanks, phil. we said we're still assuming we can financially close on the transaction in the first half of next year, we're working through the regulatory process now obviously that's something that the department of justice is rightfully in control of assuming we can complete in the first half of next year, it's going to probably take us another year to get the single

operating significant we can bring the two airlines together and operate it as one. and then it's another few years after that before all the spirit airplanes are reconfigured into a jetblue con fir figuration, au know it's a multi-year process >> absolutely is robyn, thank you for joining us on a day you beat on the top and bottom line you. guys you heard it there, the demand remains very strong and i know a lot of people are saying what happens if there's a recession? they're just not seeing that in terms of the forward bookings at this point. >> certainly an interesting point to take into if we are headed into recession. great stuff all morning on the airlines thank you for that. after microsoft invested billions in chat, the ai race is heating up we'll look at potential m&a

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a couple hours into the trading day getting a check on the markets, circulating north of 4k on the s&p here, the dow waving in and out of red territory. strong gdp number nasdaq up 3% for the week, on pace for the best month since last july top of the s&p is tesla, record results and the beat on revenue sent the stock up higher, 40%

just this year alone and chevron, the buy back got pushback from the white house. you just heard from the ceo of jetblue. southwest continues to fall in today's session after posting the $220 million loss in q4. a lot of news on the airline front today. let's get a news update. >> here's what's happening right now. russia has launched another wave of missile and drone attacks across ukraine yesterday western nations announced they're ramping up support for ukraine. 11 people have been killed ukrainian officials say, 11 wounded in the current attack. on the west bank one of the deadliest days of fighting in years. palestinian officials say israeli forces killed 7 people a rare day time raid by the military u.n. and arab mediators have

opened talk with israel and palestinian factions an asteroid as big as a delivery truck will just barely miss hitting earth this evening. nasa says it's no chance of impact but the asteroid will pass 2200 miles close to the african southern tip this is the closest object ever reported it's disconcerting to talk about a close call when it comes to asteroids. >> metaphor for the economic numbers we're getting lately thank you. service now out with results last night, free cash flow up 37%, the stock flat this morning, i spoke with ceo bill mcdermott after the earnings call about what it takes to grow in this environment. take a listen. >> so only the strong will

survive. and i believe we're in a platform market now where point solutions can do well if they're the best one but if they're an also they're going to do bad. i think in the platform game we're one of maybe five platforms that really matter in the enterprise and because of our size and speed, you think it does give us a great advantage to expand swiftly. >> he told me he's not going to do big m&a, it's about organic growth but service now might be an outlier as companies continue to invest in next generation technology, especially ai, who are some potential targets frank holland has that for us. >> reporter: ibm and service now said the demand remains strong, cloud optimization and open ai investment a question for ibm. saying he's leaning into ai and expect m&a >> leveraging ai deep inside our

products is another example of where we have unique capability. consequently we go to remain pretty focused on these areas. expect organic and inorganic investment >> one target is c 3ai, the web maker has outperformed rising 32% year to date but still 40% off the high sumo logic has risen 40% year to date t they're being for a take private deal splunk is a name that cisco reportedly tried to accumulate last year. despite last year's m&a draw down, the next guest sees growth

on the margin. let's look at last year's value, surpassing 2020 the biggest deal on record, before the 2021 spike. joining us live on set at cnbc headquarters, matt mcelhinney. on set, been a while. >> great to be here, jon >> let's talk about m&a and how it plays out it gets talked about a lot, people have excited about chat gpt but it's not making any money. >> if chat gpt isn't make money but companies like jasper ai which is built on top of it, are making money, it is super early days but i think the analogy here is the mosaic browser which became netscape is to the internet, chat gpt is to ai.

it's unlocking a connection in a way that never happened to the end user we use it with recommendations from spotify, netflix, even a result from google search is an ai result. now with generative applications we're creating content, writing, creating code. i think that is going to unlock not only a run of innovation here transformative since the cloud but it also makes big companies hungry to buy smaller companies. >> when do we get the super app, the use case that shows the direct value of ai up to this point we've had features in ios. we've had alexa that shows -- google assistant, okay, ai is used there, but i'm getting a benefit without paying for it. when are we going to see companies directly paying for it and getting a revenue boost

because of that? >> you have the ai native companies, right, and then you have ai embedded into work flows. so there's all kinds of these intelligence apps and companies. like gong and high spa, these are all late stage companies that are leveraging ai today and making a solution better but then you start to see the stand alone applications, companies like stable defusion and companies like runway ml which could completely compete and take on adobe over the next ten years. we're investors in runway ai, ways you do content creation, editing. >> one area i see, you mentioned gong. >> is adjacent to crm. if you can speed up the sales process helping to write that

pitch or analyze which customers are warmer leads, especially in this environment if i don't have to hire more sales people in order to generation more sales that would be great can ai do that >> absolutely. you're thinking about the thing that can do the first creation, think about an intern or agent helping you along the way. this time it's automated co-pilot is a service that open ai and microsoft built together on top of get hub which microsoft owns and helps i generate the first pass of code. write me a python script, for example. i spoke to students in college who say it's helping them be 30 to 40% more productive that's productivity. with the millions of developers out there, things like co-pilot made my microsoft leveraging ai or code whisperer, those are going to be an early example of

monetization for those providers and productivity for users. >> across things like crm and dev op, microsoft has a bit of all of it, as well as open ai in the stakes to prove it out thank you. >> thank you. as we head to break, check out shares of intel spinoff mobileye higher off of top line beats. after reporting a loss in the same period last year. speaking of intel, do not miss an interview with ceo pat gelsinger tomorrow here on "techcheck." intel reporting today after market cse ayituslo

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welcome back this morning chevron announcing 75 billion in stock buybacks and a dividend hike much to the display of politicians in washington, big oil companies are not the only ones buying back stocks in massive chunks. bob is back looking at what other programs stand out. >> teches and banks are doing a lot of buybacks as well. buybacks have become an important part of shareholder profits last year about $980 billion was spent on buybacks for companies in the s&p 500. about 560 billion was spent on dividends. big difference there wall street loves buybacks for two reasons it provides immediate gratification because

the company is buying back shares on the open market, everyone can see it and the buyback can be adjusted down if the cash flow declines dividends, by contrast are stickier, there's a big problem with buybacks. they are supposed to reduce share count to increase earnings per share but in many instances there's no reduction because companies issue new shares as options for executives and to pay for m&a activity some companies do reduce their share count, some oil companies have been active in the last last year buying back, marathon petroleum and oil. look at the big financial companies last year, aig, wells fargo, morgan stanley all had reduction in their share count and big tech companies have been aggressively buying back shares,

apple, microsoft, alphabet, meta and seagate. apple is probably 10% of all the buybacks last year $100 billion we don't have a final number we're waiting for that i think that's $100 billion, about 10% of the buybacks and they are reducing share count. >> and chevron is 20 of the flow >> yeah. 10%. 75 billion would be $350 billion flow chevron, they bought back $16 billion in stock in the last five years, their share count has not gone down. >> the idea we're witnessing the creeping lbo of the stock market you think that's a misnomer given the way it's used for comp >> wall street is a master at this, wall street is a master at we're doing m&a activity and offering composition to executives, that's what we have to do to attract talent. it's the hamster wheel traditional old school investors

like dividends because it's cash in hand. you get real money back not a promise reducing the share count and then it doesn't get a share count reduction. earnings per share are supposed to improve when you buy back stock, that's the purpose of it. if you go to the other end of it, draining and filling the pool at the same time, it doesn't work that's why you want to look at the companies that are the big buy back monsters. >> hopefully we get more color from chevron tomorrow. >> yeah. it sounds like a good thing, returning money to shareholders but they have explaining to do how they're doing it and washington is not happy able it. good conversation there. remarkably resilient, that's how the ceo of master card is describing the consumer. we'll play the payment space o nus.etnsn nyk" rur ima twmite

i'm a vegas hotel. i don't want anything too serious either. just a fun, spontaneous thing. some people say i'm excessive, but who cares - i'm just looking for a saturday to remember and a sunday by the pool.

we have some news on payment companies, able to confirm the company is in, in fact, looking towards an i.p.o., this is a big deal, sort of the oldest unicorns around it has to return money to employees and then it could be a big deal to the i.p.o. market, if it goes it could open up. >> this is seen as a bellwether, "the washington journal" first reported this, hearing that the company stripe, last valued at

$95 billion, number one in the disrupter 50 list is looking to go public. so this is within a year or so, a source telling me the company's co-founder told employees this morning they're setting a goal of taking the company public or let employees sell shares in a secondary offering within the next year. information as i mentioned first reporting this news this morning. i'm told stripe has hired j.p. morgan and goldman would be seen as a way to reignite a dormant i.p.o. market. the last valuation, $95 billion, there are reports it was lowered to $63 billion, which is a sign for i.p.o. getting in line with the public markets and where they value a company like stripe seen as a competitor, probably more the paypal and square of the world than visa and master

card >> thank you very much. what could it mean for the broader payment space? we heard with visa and american express on deck. joining me now is lisa ellis what do you think the public payment space looks like if stripe does go public. now lisa. what do you think the payment public space lookst■ like if strike does go public? do they broaden out that sort o■ investment out this was a very long anticipated ipo inñ■e■ the space that stock has been a monster and visa,ñi■masterñ■c■n■, and ax have done very well along the way. the sector is somewhat t(■omple difficult to wrap your arms around, sol■i■ we actually typiy

benefit the more high profile namesxd■publicly listed because thenñ■ investorx:■e■j■t(uq the and energy to understandit >> and it's a companyqtypically served out of tech companies and startups, right?f■ ájt■will raise the profile. )urj for? >> yeah, so strikex■t■t■ mosta5x competesñ■z■■■ó■with block -- as been a bit of a mystery for a u■ really understand the unit economics of theçó■business >> i remember startups that have been private this long gives you a bit of breadcrumbs along the

way but there's a lot we knowxd■ don'txd■ they're certainly benefitáu■g in the shift fromj■ goods to services they benefitted when economies finally e■reopened like china, like others. we talked about the crypto heyday, how the rails could bel■ disrupted. do you see anything in the medium to longer term that could disrupt this veryfáfá lucrative #■á■x■ they have?i it feels like it could be any q■ transaction. >> ■yeuiu true. look, the area investors focus on a lot right now infá terms of on a lot right now infá terms of potentialfáy■miuaq%=9muqáq pay byf■ model transfers and master card highlightedq instead of a defensive flanking

move they got product along those lines in conjunction with jp morgan. you could5p4j■an investor view that a little bit skeptically, move to make sure that they have rá e card products for some of these other payment flows like bill payment, for example, thatd lens itself well to more of a bank models >> and we've been talking about retail cards lisa,t(■always greatñ■ to get yr thank you. thanks aok j■lot. up next metañ■ announcing former president trump will beç■ allowed back onñr■facebook and instagram but with what it call■ guardrails to prevent repeat offenses tech check is back in two.

we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry.

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makes it possible to make the present as best as it can be for everybody. one more thing before we go, meta!■■■platforms saying it will reinstate former presidentq■ donald trump's facebook and instagram accounts in the coming weeks. it comes after hisi■ two-year suspension from the platform that followed the january 6th attack on the u.s. capitol in

2021 company says newo■ guardrails wl be in place. trump's meta relaìt■accounts once back online will see a total combinedx■ nearxd■d■60 min followersñi■on facebook and instagramd and what happens if he breakse1 their rules again? >> it's a much lower bar for him to break theirq■ rules and i thk that's what they're hoping will deter him from doing anything inappropriate on the platform. i think in a lot of waysx■ this move is more important for trump than it is for meta. the company was veryq■ concerned about seeming like it wasn't fair in its decision making and also like it wasn't añr■partisan so their two key things is th they believe ()■1p'■ should be able to hear from aspiringñ■ leaders and also that they have those guardrailsx■ in place tox■ 1■the platform &há% i do just want to read a little bit from thisñ

they say these penalties will apply to other publice1e1 figurs well whose accounts are reinstated from suspension and the content will ber he'll be suspended so between one month andht■ two years depending on the severity. interesting seeing you can go on and off these platforms. the real question is what doesñ■ trump do now with that platform? how much is he advertising to facebook and his ñi■ollowers >> does this mean the oversight board is working because this is kind of what the board forcedc■ meta, facebook to do they say you ca■e■■■just suspend people with no time limit and no violations are y■ i woul■g■ say this is a pret good example of progress they have very specific things, very specific repercussions. they're laying out a path what's going to happen not onlyw■ to trump but other people if they have repeatedi] violations

so i know you've been skeptical of thet■ oversight board in the■ past, butçó■in thisqsituation it seems like it's playing out as facebookj■ and meta wouldñr■ñ■wt >> ie■ feel like it's been a relatively calm few months, less drama at twitter but maybe that■ could change it is still leading the nasdaq which is up bettert■ than percent. the near the flat line s&p hasn't moved much over the hour carl, still a big week of earnings -- weeks i should say of earningsfá and we're going t■ get bigxd■tech in full force ne week going to be so important tonight to talk about the capx and as gelsinger said thisy■ dynamic of hitting the gas and breaks at the same time, by the way, because the moving so quickly. that just right orñ■j■á■ grind

down your brakes or you waste i've been guzzling for a whilexi think that's how it works, carl. >> indeed. as forñ■ tesla we continue to watch it very closely fromr af night. do]vcforget tomorrow also ñi■ce one more data point before we get that fed decision in just a few days.x for now dow down six points. let's get to thex■ judge ay■ñ■we report i'm scott wapner front and center this hour stocksñ■ surprisinglyxd■p and y■ money. joining me forx■ j(■ hour today jason snap, josh brown and good totát■all of you herei] at the desk let's check the markets. kind of all over the place we're positive across the board except forñ■ the russell as you see here