to show that you are at least as tough as the next guy. and i suspect especially in brussels an argument that weighs heavily on the commission is can we afford to allow the united states to appear to be more demanding than we are. >> they're playing our song, bill we have to leave it there. bill kovacic, we appreciate it we appreciate you for watching "power lunch." >> "closing bell" starts right now. another mixed session here on wall street as investors weigh a red-hot retail sales number against stubbornly high inflation this is the make or break hour for your money. i'm sara eisen take a look at where we stand on the markets. lower in the dow 59 minutes left in trading the low of the day down 256 points the s&p is unchanged that's because you have strength in groups like communication services, paramount leading the charge there, berkshire hathaway upping its stake in that name,

utilities, industrials, materials and technology those are all your sectors in the green. what's not working today, energy, real estate and financials the ten-year treasury yield up 3.8% check out the biggest earnings movers roblox, analog devices jumping on results while devon energy pulls back coming up on the show today we will talk to national retail federation president matt shay about the retail sales why he says cpi isn't the best measure of inflation and later a rare conversation with sam zell everything from the state of the economy to real estate, the fed, and much more. first senior market commentator mike santoli joins us what are you watching? >> the interday strength, sara, continues to be the strength not dramatic index moves if you look at where we sit in the 4130s, exactly where we

essentially closed the week before last. it's been a week and a half of sideways digestion, that 7% gain in january has basically been held the more aggressive parts of the market are outperforming so you're seeing there's a little bit more risk appetite in the market, defensives have been soft not really resolving anything but remaining supported as the market consolidates right here in the face of those hotter than expected economic data it's a high-pressure economy, higher pressure than we thought coming in. 2.4% the atlanta fed tracking gdp growth versus zero it's early in the quarter but take a look at the u.s. dollar index. it's reflecting a similar sentiment. people thought it would be down side risk. the fed perhaps being finished sooner than later. a real bounce. we went back to sort of springtime levels, pulled back toward 105, 104, 103, and bounced from there

we're way below the highs. it's kind of rebuilding in that direction. so the market for now, sara, seems okay with the idea the fed might have to do more because it's maybe going to be at a measured pace, slowly. there's probably some yield level that matters a lot to stocks but we haven't quite hit it yet. >> it seems pretty cool with the whole yield rise so far. thanks, mike santoli january retail sales took many by surprise climbing 3% from the previous month consumers have shown resiliency thanks to low unemployment and wage growth. joining us now is matt shay, ceo and president of the national retail federation. it was a shot number and a surprise, matt, wasn't it? >> hi, sara. it was a hot number and it was a surprise to the upside everybody saw that is trying to dissect what it means. you referenced there a couple of things i think if we look at january as a discreet month, we know that

we had pretty good weather, which play as role, good, strong jobs growth which surely contributed. we saw the social security adjustments, the cost of living adjustments, those things all played a role. we just have a really hot market we have very resilient consumers. people are out there spending. and in spite of what they know and they tell us about concerns regarding inflags, they're finding a way to get out and spend. we saw that in a surprisingly big way in january >> it was a broad report every category within the retail sales rose except for gas stations the big jump in restaurants and bars spending up 7.2%, matt. so does it suggest to you that the fed has to do more to fight inflation? now better than expected retail sales, better than expected jobs report and hotter than expected inflation rate yesterday >> sara, i guess we've all -- whether we do it for a living or not, many of us have become sort of interested observers of the

fed and we're all fed watchers one way or another and i think the real issue here and the chairman of the federal reserve has been signaling this, other members of the board of governors said these things yesterday, it's about services and services inflation there's been some deflation on the good side. but it's about the jobs market and if the jobs market is strong, that means there's competition for employees. that means wage growth is high that means people will spend and that impacts inflation and until they can figure out how to attack that, i think it's going to be a challenge. we still have the j.o.l.t.s. study, the job openings and labor turnover study from earlier in january we're still 11 million unfilled positions, about 5.5 million people stayed they're unemployed 1.7 or 1.8, about a million in retail alone labor market is very tight and that doesn't seem to be changing very quickly

>> but what are you seeing in terms of the metrics we would look at? we have been watching as it relates to prerecessionary indicators the savings rate has gone down people have tapped into their savings. more credit card debt on their balances what are the indicators you're watching here even with the spending boom? >> i think you touched on some of those the savings rate expanded dramatically up to almost 30% in the early stages of the pandemic people had the pandemic paychecks and the bonuses people got from the federal government, all the stimulus money that went way down to 2% or 3% last year. it's come back up maybe 6%, 7%, 8% it's getting closer to what we would consider historic norm but that -- and some that have will continue to play out. there's probably still a trillion dollars there the debt service ratio is really pretty good, below 10% of disposal after tax income. historically that's a 40-year

low. so people have debt but they're able to manage it and finding ways to service the debt even though they've taken on more revolving credit and so those things look pretty manageable at the moment, and with that savings still sitting there prepandemic, a trillion more than we had going in, and i think your question about the fed is how long can people rely on that, consumers, household, working families, to offset the differential between what they're earning and what they're spending on their monthly expenses and we're also seeing some of that rotation from goods back into services, that ratio really shifted, went as high as 36% on goods during the pandemic from a historic -- usually it's 31%, relative goods to services now it's halfway back, maybe 33%. goods are still elevated but it's coming down going back into services it's driving all the services inflation and that's complicating the fed's job

>> it's not like a rising tide lifts all boats here yes, all the categories were strong if you look at the performance of some retailers and their stock prices like a hasbro, these are stocks still 40% to 50% off their highs. even target is 30% still off its highs, bath and body works what does it take right now? what are the categories of what's working for consumers >> sara, some of that is reflective of what we saw this time last year, maybe late last spring, early summer when inflation took off and retail hers to pivot because consumers changed their behavior in the holiday season of 2021 there was such acute shortfalls and lags in the supply chain it was so backed up that inventories and orders were sort of passing each other and they weren't in on time and then they came when people didn't need them anymore the seasons changed. that all sort of came together

last spring. i think that's mostly been resolved but maybe what some of what you're seeing and retailers reflects last year, 18 months ago supply chain challenges. i think looking forward, and you made the point about a rising tide in the pandemic when consumers had $5 trillion of fiscal stimulus from the congress and there was $5 trillion in monetary stimulus from the fed, that's 30% of gdp to fill the hole in the bucket we had way too much money out there. that's not true now. and so i think the companies that are well positioned are those that are healthier, have good strategicplan, nice, strong balance sheet they'll weather the uncertainty more comfortably than those who don't. >> matt, thank you matt shay, good to talk to you especially on a day like today a can't miss interview with sam zell we'll get his outlook on the economy, real estate, the broader market and more.

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we have a news alert on sam bankman freed. >> we just got the answer to one of the bigger mysteries in this ftx crypto collapse. that mystery was who were the two people who signed bond sureties allowing sam bankman-fried to go.

they were sealed by the court until a short time ago one of the people involved in this, his name was unsealed, was larry cramer larry cramer is the dean emeritus at the stanford law school i emailed him and asked him why did he co-sign that. he said joe bankman and barbara fried have been close friends of my wife and i since the mid-1990s. during the past two years while my family faced a harrowing battle with cancer they have brought food, provided moral support and frequently stepping in at a moment's notice to help. in turn we saw to support them as they face their own crisis. my actions are in my personal capacity and i have no business dealings or interest in this matter other than to help our loyal and steadfast friends. nor do i have any comment or position regarding the substance of the legal matter itself which is what the trial will be for. that is from the dean emeritus of stanford law school who is

supporting sam bankman-fried because of his relationship with his parents. another is andreas paepcke, a research scientist at stanford we have reached out to see if he is, in fact, the same person we'll get back with a statement from him this brings out the emotional and familial relationships playing out alongside all of this legal and billions of dollars of crypto drama. >> as you say, and we were all wondering who was underwriting that bond. eamon javers in washington the recent monthly reports on industrial production, on retail sales, on jobs, all coming in better than expected some expecting it will reinforce the rate hiking strategy will this result in a recession later this year? sam zell of equity group investments joins me here at

post 9 it's good to see you >> good to see you, sara >> there has been a rethink about recession. is that something you still expect >> i haven't gone through that rethinking >> you're still negative >> no. negative is the wrong word, but when you spread out free money for years at a time, you create significant drag and i just don't see how we're going to avoid a slowdown as that whole process comes to an end. >> i guess the idea is the fed will get lucky inflation is starting to come down >> yeah, but is the definition of coming down going from 9 to >> well, yes and then it has further to go, sure >> but the point is 6 --

>> still very high >> -- is a serious problem >> so you think the fed will have to do even more than the market expects >> i think the fed screwed up by allowing it to -- the zero interest rates to go on for too long i think we're just beginning to pay the price for that it would be nice to say that it would be great if the fed got lucky. i've been around for 50 years and i've never seen the fed get lucky. all i've seen the fed do is mistakes in terms of not acting fast enough. >> so how do you take that view and prepare some of your companies and your portfolios for that eventuality >> you basically do two things at the same time one, you prepare for higher interest rates and higher costs. and then at the same time you also prepare for dealing with

inflation. so a year and a half ago we went to our companies and said, hard to imagine we're not going to have significant inflation and we need to prepare for it, not respond to it. so, in effect, we reached out and changed the number of our policies to prepare our companies for escalating costs >> are you now preparing for disinflation or you're just not convinced? >> preparing for disinflation would be a very optimistic thing to do at this point. i think it will take a while for the inflation pressures to ease. >> it sounds like you think the stock market may be a little too excited about this notion that inflation is coming down >> it has a record of being both

negative and positive. i think when the stock market reflected the fact that interest rates were going up and inflation was a problem, it was a little slow to pick that up. and then at the first opportunity the stock market has gone and flipped and said everything is wonderful and we're going to have a soft landing. >> you don't buy it. >> i think both extremes are unsupportable. >> what you're known for, how much is real estate off the lows we have seen mortgage rates come down >> think if you bought a house in january or february, last november, your mortgage rate would have been 2 and today it's 6. >> still high. >> that's a pretty staggering jum in a relatively short period

of time. i think the real estate industry as a whole has to deal with loans and things that were the result of very low, unrealistically low cost to capital. >> you see more pain for the residential market. >> for the whole real estate market the cost of -- remember real estate is a leverage industry, an industry with a lot of debt play as very big role in it. we need to understand the cost of debt has more than doubled. it's kind of naive to think the cost of capital doubles and there's no cost of impact. >> you sometimes do the buying when times are really tough. >> right >> is now not that time? >> not yet

>> what are you waiting for? >> i'm waiting for the sellers to readjust their thinking to the reality of the situation which hasn't happened yet. if you were going to sell something and the value six months ago was x and now the value is x minus something, do you really see that minus coming through? and i think that so far there hasn't been enough reality >> i'm curious about commercial real estate in particular with the vacancies in office, some of those leases coming due, the tech layoffs that we've been seeing what is the outlook there? >> i think the outlook there is pretty dire. the office market generally speaking what most people didn't understand was that prior to covid the office market was overextended and it was overextended because we had unrealistic vacancy

numbers because companies like we work and similar companies were taking down four and five years of supply immediately so the numbers showed that, gee, everything wasterrific the reality was it wasn't filling the space. we just changed the definition of vacancy from the market to those companies, but the net effect overall was still over supply but, unfortunately, when you have those kinds of numbers being produced, the result is that you end up building new buildings for which there isn't demand >> right the zombie offices >> or as we've seen in new york building new buildings, tenants are going to the new buildings because they're fancy and terrific, et cetera, but they're leaving huge swaths of vacant

space both new york, midtown, chicago, san francisco market. they're all suffering. >> are you optimistic about this move to transform them into affordable housing, deals to be done for you. >> i'm a cynic i think affordable housing is the ultimate oxymoron. it goes with military intelligence and the reality is it's not affordable housing, it's subsidized housing and i think that's not a winning formula. >> so is there a pocket of commercial real estate where you do see value right now >> i basically have been a seller the last seven or eight years. >> sam, we have a lot to talk about. stay with us if you would. we want to talk to you more about certainly get your

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welcome back to "closing bell." chairman sam zell still with us. and, sam, i always like to get your thoughts on the political environment and, of ourse, policy proposals including president biden's recent one in the state of the union, the so-called billionaires tax, where he wants to increase a tax, a 20% levy on household worth more than $120 billion i think you will want to weigh in on this one >> i just think the government taxing unrealized gains is crazy. i think that putting people who are successful at risk of liability and no cash makes no

sense whatsoever and i think it would have a significant impact in how you think about investing. >> part of the goal of biden and democrats is to reduce inequality and deal with the deficit, which are both good goals. >> yeah, but so is mom and apple pie. i mean, those are also good goals but they're not practical. all kinds of countries, france, germany, belgium, all put in wealth taxes and have all reversed them because they don't work and they don't produce the kind of results -- if we had that kind of tax like biden is suggesting, that would change the way people invest and the way they thought about it. and certainly if somebody was levying 20% on unrealized gains, i would have a very different

view of unrealized gains the great fortunes in our country have been the result of unrealized gains if bill gates had to pay taxes at the end of every year on the appreciation of microsoft stock without it getting cash, that would modify his behavior dramatically the same thing with everybody else who has been successful i think the politics of envy are very negative and very negative for our society. the reason the up states has been so powerful and so successful is we've avoided the politics of envy which europe has not done and the results in terms of growth are significantly different. >> are you backing anyone yet for 2024 too early? >> no. i've never been a back somebody kind of person the answer is i'm involved and i

make contributions to various things, but it's really a function of how these people react and, frankly, how they react to this biden proposal, which i think is crazy >> he also wants to tax buybacks, quadruple the rates. >> again, i don't understand it. i don't know what that accomplishes except you can wave a flag and say i tax buybacks. >> he wants it to, i guess, encourage growth and to get companies investing more in their businesses and their people >> i run a number of companies, and we invest in our growth, period we do that when we see the opportunity. when we don't see the opportunity we look at our capital base and say we have too much capital because we can't invest it intelligently so let's

reduce our equity base i think it's a very logical thing to do, and i think it's just become something people bang on. >> speaking of washington policy, you do own energy assets is that a place where you're investing right now? >> i think what we're doing now more than anything else is what i call generational investing where we're providing liquidity to private companies and basically dealing with families that have built businesses -- >> not necessarily in energy >> not necessarily energy but in lots of different places we've always been industry agnostic so we've had an enormous variety of different kinds of businesses that we're investing in >> interesting sam, thank you always a treat to talk to you about a variety of topics. thank you for coming in. >> great to see you, sara. >> sam zell.

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check out today's stealth mover, krispy kreme. the doughnut chain beating wall street's earning estimates as the specialty doughnuts and strong e-commerce sales brought in a lot of dough during the fourth quarter stock is up 6.5% here is where we stand overall in the market heading into this final half hour of trading the s&p 500 has moved higher but just barely. it's a tale of various sectors communications services, you stilts and industrials, groups like energy down almost 2% health care is down half a percent. staples are also lagging today the nasdaq is higher, again. 0.6. the nasdaq up 2.75% this week. up next the co-founder of blue owl a big stock mover today telling us where he is seeing the credit markets during the month of february we are celebrating black heritage through stories of our cnbc teammates, contributors and

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check out shares of blue owl capital. adding to strong gains on the year up around 30% the firm reported results this week with revenue coming in well above expectations, strong double digit growth. marc lipschultz, the co-founder and co-president, marc, it's good to see you. >> thank you for having me >> you've been able to grow this direct lending business pretty organically and significantly during 2022. how does that work as the fed is raising interest rates >> so we've been very fortunate. we've been able to build a series of strategies at blue owl that have a common thread. the common thread is about capital preservation, safety and security during times of uncertainty with very strong current returns, current yields and that applies to our real estate business, and most directly to our direct lending business and in direct lending we're providing capital solutions to companies, financing solutions on a floating rate basis in this environment the two

attributes from an investor looking at our products that's appealing, it's about durability and our returns go up when rates rise so this has actually been an upwards trajectory for returns in our direct lending business >> it is getting close to a pause here, let's say, with a terminal rate of 5% or so, how does that affect it? >> we do floating rate which means when rates go up, we rise with them. if and when rates come down and inflation presumably correspondingly, then some of our yields will come down. the beauty of the base and the power we provide to someone's portfolio, you don't have to take a static view on that today. you can invest with our products, and you will float up and down with those variances. sitting here today and trying to call are we at the end of the pause? talking retail sales -- >> very strong >> we've seen strong numbers this week. maybe we are, maybe we aren't. the beauty for us, we don't have

to know that in our products because they will get the floating rate one way or the other. >> that's been such strong appetite for alternatives, private equity, we've seen that. now there's more competition in the public markets with higher rates, is that a headwind? >> it's been a really interesting evolution. i've been in the alternatives business since 1995. it wasn't called alternatives back then. an interesting dynamic in this arc. what's happened they've become a much larger share of the market but a much more stable and durable share. think post pandemic, 2022, direct lenders remained very active providers of capital. so if i think back to the '90s, we think about private alternatives, was very opportunistic. the public market was steady and the private markets would come and go there's a bit of a reversal. direct lenders, for example,

kept the capital markets going in 2022. >> right there's the defense on the private lending. you raised your dividend as expected a lot of people watch your story. some can get up to $1 per share by 2026. >> that is our plan. we're looking to deliver a dollar of dividends in 2025. we have a very unusual model because we don't have carry interest we don't have performance fees in our model ours are about steady, predictable growth the blue owl model is, on permanent capital, very important 94% of our revenues -- 94%, come from permanent capital pools so our trajectory is upward and very predictable >> do you think your stock market performance would have been better if you did not go public via very complex spac merger, double merger, a traditional ipo? how does it impact the holders of your company and do you think it's held you back >> i think it would have been

better it was a necessary tool to accomplish the strategic end we wanted to accomplish and it worked we're able to bring together these solutions, capabilities with our direct lending capabilities, so it was the right thing to do and it worked. however, it means we have to spend more time educating more investors about our business because we didn't have that traditional ipo route. so i think the silver lining, i think there's a lot of upside from here as people come to understand listening to our earnings this week will start to see a real difference between blue owl we deliver exactly what we talked about publicly in the spring when all our peers, for reasons that are understandable, are not able to deliver what they thought in the spring because the world got more uncertain. times of uncertainty, we still continue to perform. >> one thing that was uncertain with blackstone or starwood they put up these gates on private reits. anything something like that

could happen with you? >> listen, they're great firms doing a great job and those are great products we have very different products. our products are about -- we've been increasing our distributions and so we are a very meaningful participant in the market we do believe in the democratization of access to the outperformance of alts we participate but a great area for us we raised $2.2 billion in the private wealth channel and we only had about $180 million in redemptions the whole quarter. a different set of circumstances for us those are great products i'm sure they'll do well >> up more than 4% thank you very much. marc lipschultz, great to get an update from blue owl a tale of two chip makers. heading in very different directions that story plus apple's antitrust concerns and barclays selling off when we take you inside the "market zone" next.

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here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! ♪ yeah, yeah ♪ we are now in the "closing bell" "market zone." mike santoli to break down these crucial moments plus kristina partsinevelos on chip stocks and apple's battle with the doj. we'll kick it off with the broad market now we are seeing the dow actually climb back to the flat line. mike, i would say overall the market action, the s&p is now higher we've accelerated in the last few minutes and all day had this comeback it's pretty impressive given the string of hot data releases including today's retail sales, the move up in yields, and the

idea this is going to make the fed's life harder. >> right the market keeps getting tested by really testing the soft part of the soft landing scenario down about three-quarters of a percent, it has ground its way back it's all very sort of benign i like to poke holes in the market action and say it's less than it appears. it's more than it a appears now. the equal weighted s&p is up a third of a percent while the s&p itself is flat we're not carving new upside but certainly in a very benign way going sideways as investors get a little more comfortable maybe with yield levels if they're here because the economy is strong >> let's hit the chips stocks making big moves on wall street in different directions. both earnings and guidance thanks to strong demand from industrial customers taiwan semiconductor under pressure after warren buffett's

berkshire hathaway reveals it slashed its stake by 86% kristina partsinevelos joins us on what has been a roller coaster ride for the chips what are your takeaways? >> the thing that really spooked some investors today and why you see the stock down so much, berkshire hathaway made a move so quickly, they got into the stock. they entered the stock in q3, they spent over $4 billion on a stake. it became one of the top ten holdings for berkshire hathaway and literally the next quarter they slashed their holding by 86% like you mentioned the question is why did they do that does it have to do with cyclical trends, with the fact they are spending on fabs in japan and the united states? does it have to do with the u.s. ban on technology to chinese firms? these are questions people are asking why analog devices is a different story is because of their exposure it has to do with auto both those categories really helped offset the weakness we

are seeing in consumer end products and that's continuing with a lot of other companies and another benefit, too, highly exposed and why they didn't want wealth it's about exposure with a lot of chips names and a lot has to with the ai conversation >> the analyst on yesterday said he raised the target >> led the arms race, if i remember correctly >> that was the report the most bullish thing you can say in this market kristina, thank you. kristina partsinevelos the justice department reportedly turning up the heat on apple "the wall street journal" this afternoon writing that the doj has draft add potential antitrust complaint that targets the tech giant's app store and its mobile operating system. aaron tilly joins us now aaron, is the news here that they're ramping it up or approaching this case

differently or what? >> the news is they've been investigating apple since 2019, and in recent months they've been really ramping it up. they've expedited requests for documents, they've added more litigators to the case they've just been moving ahead and they're also looking to clear their top antitrust chief on the doj, jonathan cantor. he has worked on previous cases against apple in private practice and now they're looking to clear him to go ahead with the apple case so this is all signs towards momentum, towards filing a case, potentially in the spring. >> in the spring, okay that's what i was going to ask what are we looking at in terms of do you know size and scope of what apple is going to have to deal with here >> yeah, the doj appears to be looking at the app store but also a bit broader in the app

store to the operating system levels, the ios, the iphone operating system, where apple allegedly has this sort of unfair advantage against third-party developers you can see this happening in sort of hardware, with the air pods, air tag devices. against competitors, they have deeper access into the operating system and the iphone hardware and that creates, allegedly, an unfair playing field for competitors. >> right and i think you probably would have a lot of developers lining up to argue against apple on this front as we've monitored. what does your reporting indicate is at stake for apple what's the worst case scenario >> i think further separation from the app store, allowing deeper access for developers

into the operatings certainly s european antitrust authorities are looking for, too, separating out the app store increasingly i think just kind of further allowing more fair playing field. >> yeah. thank you very much, aaron, for coming on and sharing your reporting, moving apple stock all around today aaron tilley of "the wall street journal. barclays having its worst day in a year after a 19% drop in net profit this 2022 though it beat estimates. one big hit, litigation costs and fines tied to overissuance of securities in the u.s. which include a $200 million charge from the s.e.c. after its investigation. like other banks, barclays suffering from a steep decline in deal making activity, mike. anything to glean for the rest of the group or is this barclays

specific >> barclays was subject to a series of things we knew were going on, we knew about that trading glitch, that issue also of course the investment banking environment has not been particularly strong. that on top of net interest margin and maybe a lower than expected buyback authorization so all these things come together on a stock which, we should keep in mind, was up a lot off the lows along with other european banks up 8% year to date. just giving back doesn't seem like it's going to be able to capitalize as much on higher yields in a firmer economy than people thought >> as we go into the close, mike, the strength in big cap tech like apple, that "wall street journal" report, netflix higher, alphabet higher, airbnb, but in general how tech has been leading this market even in the face of yield march higher >> tech has been able to

participate because people are getting a little more comfortable with select companies that the down grades earnings estimates are finished. yields are still in a range, let's keep it in mind and, also, i've been trying to say it wasn't really just as purely simple as yields up, tech down, even when that was the predominant phenomenon last year it was a lot about the underlying fundamental issue eroding a little bit by the way, when the nasdaq goes down 30%, rates become less of an issue than does earnings estimates and where they're headed >> it looks like we're pushing higher into the close, at least we're well off the lows, down 250 at the low on the dow. we've now turned green what are you seeing in the internals? >> certainly not a dominant showing by the bulls but more upside than down side volume, 2 to 1 not quite that on the new york stock exchange take a look at the vxf this is everything in the market

except for the s&p and this is week to date what's in there besides small cap stocks well, things like uber that are not in the s&p, airbnb, the private equity firms, square a lot of the high-octane growth stocks it's a very good sign of risk, appetite and sponsorship for some of those names as long as it lasts and volatility continues to recede. we're down in the 18s, scraping the lows for this cycle as the indexes themselves remain in a very narrow range. >> as we head into the close, take a look at the dow, which has just gone positive after being down again as much as more than 250 points. it's been all day lower. and we just crossed into positive territory caterpillar, apple, helping. j&j and united health care are the biggest drives building on gains. consumer discretionary has now taken the top spot as far as

what's working best now and that's strength. domino's, target, strong retail sales. a lot of those stocks are working. communications services also doing well energy is at the bottom of the market, again, and the nasdaq outperformed again looks like it's going to close up almost a full percent adding to gains of the week, up 3% on the nasdaq so far this week. that's it for me on "closing bell." see you tomorrow now to "overtime" with scott wapner all right, sara, thank you very much. and welcome, everybody, to "overtime. i'm scott wapner we're just getting started from post 9 at the new york stock exc exchange an earnings pa looza. our team of reporters standing at the ready you'll hear from them and see the stock moves as they happen as we always show you, we do begin with our "talk of the tape." just how offsides many investors might be in this market with