stay, cano is on the hook for that cost. if you treat people holistically, they won't have to go to the hospital, that you lower the cost overall. >> more emphasis on prevention than curing. okay good to have you here. >> it's always fun to be with you. >> thank you for coming. thank you for watching we appreciate it >> "closing bell" starts right now. thank you very much. welcome to "closing bell." i'm scott wapner post 9. this make or break hour begins with stocks on the run again and about to close out a strong quarter for your money here is your scorecard with 60 minutes to go in regulation and in the first quarter dow up nicely today, basically flat on the year the story is really elsewhere. s&p 500 up more than 6% over the past three months. and as you know by now carried primarily by tech which has been the standout for sure. speaking of that nasdaq, a stunning 16% gain, the biggest

names from apple to nvidia, microsoft and meta and tesla showing some of the biggest moves there. that is our talk of the tape today. what lies ahead for stocks as the calendar turns will tech continue to lead will the fed continue to hike? so many questions. let's go sebastian page, trowe's chief investment officer >> thank you for having me >> what happens now? seasonality, they say is on our side do you believe that is enough? >> no, i would say i'm a bear. i'm a reluctant bear the bearish narrative is just so compelling, we talked about it last time i was on yield curve is inverted, housing headed down, concerns with commercial real estate and on and on stocks look expensive. earnings expectations are for positive earnings growth that looks optimistic. >> why are you so reluctant then it sounds like you should be bearish. >> you have to have more conviction to be bearish than to

be bullish scott, stocks beat bonds 72% of the time on a rolling 12-month basis, historically by an average of 6%. i love watching your show. you often have a bull and a bear to me it's always harder to make the bear case. and right now what makes me reluctant, all these indicators. pmi dropping 16 points they're all from very high levels we're taking liquidity out of the system from very high levels of liquidity pmis are dropping from high levels atlanta fed gdp at 3%. it's an uncomfortable bearish position, but i just can't get away from how compelling the narrative is >> we're on the doorstep of 4100 as we speak. we may end up hitting that level while we're having this conversation is that a confirmation signal or a sell signal to you >> it's more of a sell signal. if you think of where the price earnings ratio is on the market,

17, 18 that means that stocks are actually more expensive right now than they were before they started selling off in 2022 if you adjust for the level of rates. we are in a higher rate environment and need to rethink valuations they look high >> we have this delivering alpha survey you are not alone. the bearish case is very easy to make 68% we asked says there is more room to fall. nobody, hardly anybody believes we are at a beginning stage of a new bull market though there are those who would suggest two quarters in a row up you don't see that in a bear market maybe the bears are wrong. >> inflation is sticky and the fed is still in play and the fed is going to -- i don't think the fed will cut three, four times like you would imply from the fed fund futures >> you think they're going to

cut at all >> i think they might stay for the rest of the year it would take a major event for the fed to cut i don't think the market is pricing that right now let me say, scott, this banking stress, this banking stress is just one more negative, one more bullet for the bears >> but you don't think we handled it, if you want to put that in quotes, handled it really well, right the response of pretty quick it was pretty dramatic look what the stock market has done since then. it doesn't compel you in any way? >> look, and, by the way, we're under weighting stocks i don't like to see go all the way to cash. reporting some nuance here i think we handled it okay the stock market likes how we've handled it there's this question about what are we back stopping yellen didn't say we're going to backstop all deposits everywhere she said we're going to backstop deposits only if there's a systemic risk in the bank run. i can ask you, how can a bank

run not be a systemic risk in the current environment? >> so why isn't that implicit then from yellen that they will backstop deposits if necessary >> i think it is where the negative economic impulse comes from is not from necessarily whether we're back stopping deposits forbank >> $100 billion over the last three weeks. do you want 1.4% in your bank account or 4% on a money market fund? on the asset side of the banking sector, it has been a duration shock. they lost money on their treasury position, but credit is lurking, and they are going to be tighter. they will be more reluctant to outland. >> you're more reluctant to own the banks. not to own anything else, necessarily. >> you know, the banks are a

key component of economic growth. they invest and hire people. and that spurs economic growth. the banks, all else being equal, are going to be more reluctant to land. look at the conditions of the last couple weeks. we have almost tightened by one standard deviation. it is not negative for the economy whether or not we are backstopping the deposits. >> we do have some breaking news. new york fed president john williams is speaking as we speak. here are the headlines for us. steve, what are we hearing? >> speaking about what your talking about, john williams says stresses in the bank systems. the magnitude of that credit tightening is still uncertain. now, he does repeat that the fed has a forecast for rising rights. but he just repeats the fed's forecasts and follows it by

saying, he will be focused on the evolution of credit conditions and the effect on growth, employment, and inflation. he does not say what ultimate effect will have on this monetary policy. gdp growth picking up next year. labor market has been extremely resilient. unemployment, he says, should gradually rise to foreign half percent over the next year and it should take some time for inflation to move to the 2% target. as we get into inflation numbers this morning, it is lower than it was in january. both on the headline and on the core. a little bit more than expected on the core, but not really falling that fast. look at this graphic we have here. you can see it went up pretty sharply and is not coming down quite a sharply. you're looking at both the core pce and that other thing that

powell is so focused on, which is the core services x housing, and that is kind of flat on a year-over-year basis in the latest reports, scott. as your guest just said, it is still in play. >> yeah. no doubt. i appreciate that. that is breaking news headlines from the fed president, john williams. do you worry that the fed is going to have a mistake? we, again, in this poll, 35%, the biggest risk to market as a misstep by the fed. 35% think so. do you? >> i don't think so. what i worry about with the inflation numbers is the longer- term numbers, the five year break evens. i have actually been going up over the last two weeks. i do not think the ed wants to break to the extent that the economy goes through the windshield. right now, we have a few banks wearing their seatbelts.

>> yeah. but i mean, you know, they obviously are content in having credit contract i think more substantially than it has to this point. there certainly no indication by what many the fed speakers have said that it is the opposite of that. >> you know, the market is pricing it as this credit contraction is making the fed more dovish. but not as much as the markets are pricing in. look, we're not in the 2008 sort of systemic bomb situation. one of my colleagues called it not a black swan, but a black duck mama which are more common. we are in a situation where the fed will consider credit tightening to be more constrictive. he said something like, this is equivalent to a rate cut then he cut himself and said, we do not know exactly the equivalent

to how many rate cuts it is. >> so stephanie joined us now as we add to our conversation. a cnbc contributor, of course. how would you describe yourself heading into this new order? i understand that there are a lot of headwinds and i see them, too. i look at job wages and still look at the consumer and the consumer spend is actually running up 4% this quarter on an annualized basis, versus 1% last quarter. so those areas of the economy kind of helpful and offsetting some of these other things that we see that are disturbing. i am worried about money supply, for sure. the numbers that keep coming in are just terrible. but that being said, as i say,

70% of the economy is consumers with an offset. to answer your question, scott, i think i'm just more balanced. last year i was a little bit more aggressive. last year, a little bit more value. this year, mark growth and value. i have to be invested. so i went a little bit more balance and to take the risk off for the remainder of the year. >> sebastian, what you make a stuff says, value, growth, the balance there. the moving rowth is surprising a lot of people. maybe you included. has a? >> yes. we are going from a duration shock that was last year to a duration shock. especially mega cats and safer stocks. you are seeing that affect. we, like stephanie, are pretty close to neutral between value and growth at the moment. >> what you make of this run to

continue? i do not know if you participated in the d.a. survey. you can let us know if you have. what area will you be concentrating in the second quarter we ask? high dividends is first. financial stocks, mega caps, only 16%. is that misguided? what do you think? >> i think the rally and growth in tech is really almost all macro. right? rates are down. inflation is coming down. it is still quite high but it is coming down. it is also me reverting, scott. you know that growth got killed last year. and i was just looking at the last year's performance like at amazon. while it is up a lot, double digits this year, it is still down 36% from a year ago. it is down 12% from a year ago. even microsoft and salesforce are down from 6% a year ago. it can continue.

i think the rallying growth and tech can continue, especially as rates come down. and i just don't think it will be at the speed of what we have seen. that is my point. i think you want to balance it with some value. i do believe in the on shoring scene. i believe in the aerospace cycle. agriculture. i like the industrial as you know. the spending levels. the saving grace for the consumer is very strong. i like discretionary. i know that is kind of counterintuitive, but there are places to play in this market, and i think you definitely want to have a balance though. >> i am watching the s&p 500, stuff, as we are talking. we are about 6 1/2 points away from 4500, which will be a significant number to get to in the first three months of this year, just given where we were at those low points back in

october. we are going to watch that. do you think, steph, that would be a sell signal for you? in fact, critical further? >> i think we remain in the trading range. i is up in stocks. double digits. i will trim for sure. because we just do not think we are out of the woods with the fed. look at the core pce for the last three months. it is about the same. 4.6, 4.7% year-over-year. so the fed is not done, unfortunately. and they may not even be done after may. we have to figure that whole thing out and ask ourselves, again, how much do we flow? is it a recession flow? we're going to flow. and if we flow, that means growth is going to continue to do fairly well. but, yeah. i am going to take profits along the way, scott. that will pull us back to the

october lows. long-term equity is still very, very favorable. >> best returns, sebastian, for the remainder '23. last question i will ask you about our survey, 33%, two year treasury takes the cake still. short end of the curve. >> those survey respondents are clearly bearish. you know? you have a possibility as we go through this year -- steph just talked about the liquidity and pulse. it will burst back to positive. with china, credit, weaker dollar. i'm not necessarily going 100% cashier. i think you have got to stay invested. also listening to stuff, i think she is a reluctant bear. >> what makes you incrementally more bull? >> i feel like you're on the cusp. i feel like you are a reluctant

bear, but i can almost sense that the next time we speak your disposition on this market may have turned. >> some sort of macro picture. we will be leaning in. i expect steph will too. >> right now, it is under 19 as we speak. if that doesn't sort of reflect where we have been and where we are now, i do not know what does. that is pretty remarkable in and of itself. great to have you here. that is sebastien page joining us. let's get to our twitter question of the day. which of these q1 winners would you have here? what if he nvidia, meta-, or tesla? we're just getting started here on closing. up next, five-star stock pics. kevin simpson going for more

market swings. you're watching closing dollar on cnbc. young lady who was, you know, mid 30s, couple of kids, recently went through a divorce. she had a lot of questions when she came in. i watched my mother go through being a single mom. at the end of the day, my mom raised three children, including myself. and so once the client knew that she was heard. we were able to help her move forward. your client won't care how much you know until they know how much you care.

we have got 40 minutes to go and here are the highs of the day. that was at above 350. s&p may hit 4100 as we are talking about this in what has been a real stellar quarter for stocks. s&p is up near 7%. and obviously mega cap tech is

up playing the role. i am looking down at the nasdaq, too. it has been nothing short of astounding. six and half percent over the last few months. there you go. s&p 500 is back at 4100. we will keep our eyes on that over the last half hour plus of the trade here. last day as we try to turn the calendar. we have some stocks to watch, too. christina? ? >> i was cheering you on for that 4100 call. morgan stanley reiterating it is one of their top picks saying, there are multiple opportunities for upside. that has the stock trading at its highest level since 2022 and it is also up 55% this year. and after extending yesterday's gains, they are up on the stock. that follows the quarterly results that we talked about

just yesterday. evgo is up more than 40% this week, which would be its best gain since january. shares are up 11.5%. scott? >> kristina, thank you. we need to watch over the final 35 minutes or so. s&p at 4100. second straight positive quarter. our next guest believes that investors should be embracing for more volatility in the months ahead. kevin simpson is cio and founder of capital while planning. welcome back. it is good to have you back. >> hey, scott. how are you? >> good. are last described themselves as a reluctant bear. are you a content bear? what are you now? we saw some pretty interesting levels in the stock market here is we finished the scorner. >> i consider myself an eternal optimist, but i potentially lean into what sebastian and stephanie were saying, which is

a validation of 4100 at this point. it felt to me like we are a little bit ahead. it seems like, scott, you and i for the past year and half have been having similar conversations right just cannot justify markets being valued at this level. we do not need to retest the lows. am not a bear or a buzz kill by any means, but i think this range is the best we can expect in the foreseeable future. >> what have we rallied? is about a fed pause? is about the environment going better? you can hate on the upmarket all you want, but if it keeps going up, so be it. >> the market is up and over. our mandate is to be fully invested. it is always good when i am wrong. i think the idea that the fed pause which forced into existence, because of the silicon valley bank, a shift in sediment that i've never seen before. i think that the enthusiasm is maybe a little bit overdone, because it is a real banking

problem that is causing the fed to pause if indeed they do. the problem is we are not seeing enough with inflation. that is what makes next week's cpi report so important. this morning, it is still the same as it was in february and january. let alone, it is certainly better than going up, ut t is not down that much. >> but if you are negative on the market, why you buying up apple over the past months? >> we had sold just about six weeks ago at 156. i took some losses in some healthcare names that do not quite work out the way we wanted. apple at the time, about a week ago, was at about 150. where up since the rotation back into it. and my love for apple is here. we do not always loved the price that it trades at. if you're in apple right now, then enjoy a really nice run.

we will be writing covers on it next week. >> we are getting close to a 400 point gain on the dow, kevin, and tech has clearly been the story of the moment. right? there it is. 383. there is your nasdaq. 1 2/3% building on that 16+ percent gain we saw in the quarter. do you think this tech move has more lakes to it or does it run a little bit too far too fast? >> you have to look at the base it is coming off of. if we say the nasdaq was down 30% on average in 2022, that is a long way to go to get back to a breakeven. maybe there were sold at the end of the year. maybe there were losses being taken. and to see a rebound makes sense. i think it could certainly continue. i am not backing up the truck on anything from a valuation standpoint.

looking at the market, it should be much more of a speedbump type market. and that bodes well. we are going to be and a market that will at some point turn into the next full market. i do not think that could happen in a sustainable way until we see inflation coming down. you want the fed to pivot and lower rates. the idea that could happen this summer seems very, very far- fetched. >> sorry to interrupt you, but some would simply settle for at least the first part of the pivot, at least if you knew that the fed was done, then that would be good enough for some. you mentioned when i asked you why you bought apple, you quickly sold metronic and amcare. >> one of the best lessons i can teach you to keep your losses small do not have an ego. was trying to break even for us more than anything. but you are at about a 10% loss

with amgen. you take a small loss and can live through another day. these are names we have gone often on over the past decade and i'm sure we will in the future. >> i got you. kevin, be well. that is kevin simpson oining us here once again on "closing bell." next, paul hickey is here. here is the dow up near 394. he will tell us two stocks he is betting on.

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. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

all right. 30 to go on this friday before the closing bell. we are back with a look at the key stocks. >> let's talk about investors that are showing off blackberry's earnings. the stock is soaring 15% right

now. gone are the days of its iconic cell phone that i loved so very much as cybersecurity revenues now the leading driver for this canadian firm. there are hurdles with cybersecurity software deals. morgan stanley likes e.l.f. beauty. it is up 49% from year to date, but they expect an upside. shazer almost at $82 right now. the analysts cite the latest u.s. data. a jump at the latest historical levels right now. even if times are tough, and we think times are tough, it is still holding strong. shares are almost 4% higher. >> all right. kristina, thank you.

next, paul hickey is with us. he is pointing some big opportunities for your money, as well. "closing bell" will be right back.

we have about 25 minutes to go in the quarter. take a look at stocks. major averages continue to add to their gains this quarter. nonetheless, it will go out with a better than 1% gain if things old here. s&p 500 still hanging above 4100, albeit rarely. and there is the nasdaq up one and a half percent. it has been a volatile month. our next guest is joining us now, paul hickey. he is the spoke investment group cofounder. >> so goes q1, so goes the year. if you look at that, the first quarter is strong. the rest of the year tends to be three times as strong as the historical average for all years. add to the fact we were down last year after a positive

first quarter, you have been positive every time after that for the remainder of the year. not just the calendar year. >> it feels like they threw history out the window though, given everything going on. we are worried about the banks. we are worried about credit. we are worried about the fed. right? >> you never want to bet on seasonality. i can come on here but you have had guests come on saying that the fed should hike rates are cut rates. i have never seen the kind of uncertainty in all my years were the arguments are so incredible for a decision for a month from now. there is a lot of uncertainty, but that is in the sentiment of investors. there is more investors saying -- more consumers saying the stock market is down to decline. the cnbc survey says the same thing. >> two thirds. yeah. >> people laugh at you and say,

how can you be bullish seeing all these negative things. it is like a polar opposite of late 2021 when we were expecting the roaring 20s going forward. there were not even thinking about cutting the hiking great. >> ray. >> when everything looks like the plan should go a certain way, usually the market tends to make things go the opposite way. >> one thing we have not spoken about a lot -- and we need to and we will -- earnings. robbers going to meet the road soon on earnings. we are only at, what? a couple weeks away. >> two weeks and we start getting the banks. that should be interesting. for the last couple of quarters, we have been talking about the upcoming earnings. the last two earnings seasons have been very strong. the month of march so far, we have seen city 6% of companies beat revenue forecasts.

those are down from the post covid quarters, but they are actually still better than historical average. guidance. we have seen 11% of companies lower guidance. 14% lower guidance. that is spreading with the historical norm. advocates worse from here, that would be a problem. so far, earnings have been holding up relatively well. >> you have a stock you wanted to talk about which we talked about with one of our prior guests. kevin simpson heads in the direction of selling medtronic. >> we have guidance going forward. they have a positive outlook on things. medtronic has been on the downtrend for over a year now. with covid, those procedures were not done. plus people do not get any healthier during covid. cardiovascular treatments.

medtronic reported a triple earnings, the first one since 2015. dividends for 45 straight years and yields about 3.5%. i think in that kind of respect, entry to below market and had a little bit of guidance going forward, and you could see a catalyst going. generac, earnings have been a little bit tough. they over expanded. but i do come in, they have three tailwinds working in their favor. extreme weather and working from home. if you work from home, you need ecicy. >> lerly. >> they knew what to do. >> all right. that it was paul hickey joining us here. we asked which of these q1 winners would you trade? nvidia, tesla, or twitter?

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. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

our twitter question now, which of these q1 winners would you fade? nvidia, meta-, or tesla? the majority of you said nvidia. up next, closing in on the best quarter in a decade. we speak to a shareholder about where that stock of beheading from here. it is not nvidia, but we will tell you next one come back into markets owned.

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all right. let's do it. we are in that closing of market sown. plus, stephanie link is back to talk as meta closes out its best quarter in a decade. that is not destroy this quarter. is it? >> no, it is not. this week was more balanced. just looking back to, we are at the same level and treasury yields as we were on january 12th. and the nasdaq 100 has gone up

15% since then. do not tell me it is about yields. it is about shelter from other things we are worried about. that said, let's think about the last three fridays before today. we had stb down the drain. then we had credit suites. last time was the engineered panic over deutsche bank. the market was resilient against those things. we got a psychology shakeout. we also had a pretty good positioning reset. that someone explains this left we are getting here. it is and unclenching of tension. that said, it is getting a little spicy. in the short term, you're getting close to that. we are a couple percents away from being similar to where we were in that for every high and then maybe august. again, i do not think this is something where it is true,

full on chase that people were excited about because they feel they need to. >> three fridays ago, to your point, people thought we would be at 4100 from the s&p 500. but nobody was positioned for it. >> we are just below it by a d? why? >> well, great to be with you, scott and mike you know, we were here the first. we talked about a pullback in the market the risk reward had better and they had been reset. but on this rebound, i he know our view is risk/reward is less favorable. we would play this in the 4100 to 4200 range. the way i think about it is a couple things. first thing is whether or not we're trading back to an 18 times forward multiple and that's the high end of the -- in fact, over the last 30 years, we've only been able to sustain a valuation of above that two times in the technology bubble and then the pandemic --

>> keith you have to forgive me, keith. we need to work on your audio. i say there is an echo but that is an understatement let's try to fix that. i'll continue the conversation with mike santoli about the run specifically in tech because, you know, stephanie is going to come on in a second and talk about one of meta's best quarters ever, nvidia up 80% that's astounding. >> it is it is mostly in part it's simply snap back from the damage of last year. in part, it is this very, very sort of violent reversal in the growth value dynamic which has had, as we got the fed picture whipsawed and you had this move in yields, that seems to have taken place. now something like nvidia, you also seeing something else there. that is finally somebody, people are trying to latch on to a longer term secular story that reasserted itself around ai. but if you look at the big

nasdaq stocks, only nvidia and meta are even above their august highs. so they've made it up in tremendous chunks in a hurry but it's not as if they've really kind of plowed new ground even though they're making six months highs they are still the source of the accessive valuation within the overall market but it's a little more explainable based on what happened leading up to this year >> steph, your largest position at the moment is the aforementioned meta. having one of the best quarters ever >> yes >> yeah. i'm -- to be honest, i'm inclined to trim a little bit, scott. it's really big at this point in time a lot of it is because i was, as we talk about yesterday, that a lot of it was because i was buying all the way down last year averaging down but, look, this was an expense story. that's what i was expecting for 2023 he would got it, right you had 25% drop in head count

you had 12% jump in xpebss we know this is a year of efficiency the new piece, i think the reason the stock has got another shot in the arm is because now people are all jazzed up about revenues and how revenues by the second half of this year could grow double digits so that's real, real is running with a rev flun rate of $6 billion. click to message has a $10 billion revenue run rate we had very easy comparisons we lapped the apple privacy issues you can see something like 11% to 13% total revenue growth in the second half of the year versus declines last year. that's where the narrative changed. and valuation is not commanding at 13.4 times 2024 earnings. but that being said, this brings up a lochlt i think it is prudent to trim when you have a

0 70% year to date gain. >> you talk about tiktok, right, and the potential ban. how much of that do you think is in the stock how much of that added to this last little push and if it doesn't happen, what might that mean? >> that's why i mention the other things that they have going for them i'm impressed that tiktok is still around, right? yet, reels is up and running substantially higher from a year ago levels they have done an enormous amount of work with ai, making reels a much better experience by the way, didn't even talk about digital advertising and the returns on investment that a overall meta can provide for companies. so it's still the company of choice when advertisers are looking for better rlis. it's just softening now. that is actually a cyclical thing, not a secular thing if that comes back, then you have the more upside to

revenues the. >> you got a couple good stories to tell. at least the other one is a bit of -- i know you weren't prepared for this particular question can we throw up ge and maybe a year to date on ge because that's been a good one too. steph, right >> yeah. that one is a good one >> here's 50%. wow. >> i always talk about spins and how i like when companies spin off other companies. mainly, when you're a conglomerate, the companies within the big companies, they kind of get ignored or they're not as efficient or the spotlight is not on them so when ge announced they were going to spin out the health care business and then next year they're going to do the power and renewable business, you have three very simple companies. they're not simple companies but simpler stories to understand for investors ge was bear to understand in years past so i give all the credit to the ceo larry cult

he executed on a plan. by the way, we now have aerospace cycle on fire. that's according to -- by the way, there is rumors that boeing is going to up the max numbers i suspect that's going to happen that's going to benefit a ge who provides the engines for boeing. >> you know, mike santoli, we're at the highs of the day. the dow jones industrial average is good for 405 points call it also the year of the turn around story. albeit the young year whether it is meta or ge, boeing, for example. a lot of good stories to tell. >> and all of them that are really being seized upon by investors because you don't have to have a big mac ro call. other dynamics you can latch on to and say i don't need to know, you know, exactly where the fed is going to end up i don't need to know the cadence of gdp this year as much to get used it to

i do think there is a sense out there that there is stuff to do in individual stock even if you had this big index move with the mega caps, of course, carrying more than they're weight although, i go back to on a two-year basis it's really lock step in terms of nasdaq 100 and the broader market so this, again has just bnt trading off of leadership on a multimonth basis >> you did say earlier in the day today that's been the story, the cap tech but this week, things have broadened out a bit. >> yeah. >> which is only adding to some people's optimism about the move overall. the widening breadth >> 4% on the s&p 500 equal up weight this year. i think the most bullish action here would be the index settle back a little bit or settle down and cool off and maybe the big stuff has to pull back somewhat. then everything else holds together if i'm looking at the banks as should i worry more indicator, they're not up a lot this week they more stabilized

regional banks are fairly unimpressive if we can attribute that to massive earnings overhang and the fact they have higher funding costs that's fine. if it's we're going to have another bout of stress or you're going to have to worry about banking system volatility, that is different issue i think the fed balance sheet news last night was a slight reassurance on that front. >> yeah. steph, i'll say good-bye to you. see you on the other side of the weekend. have a good one. we look at the major averages here, closing out the quarter. everything this week, all of the major averages are going to have at least a 3% gain on the week, even the russell 2,000 with all the concerns about the banks, the smaller ones, of course, regionals. mike, we'll have, you know, we just had the two-minute warning, obviously. the resteepening of the yield curve. we haven't talked about that yet. still hanging out, there right >> sure. >> yet another one of those alleged recession sirens. >> yeah. >> i would say alleged and generally proven correct

you just don't know what the lead time is i think the extreme influence of the bank failure on the moves has been something that is hard to necessarily incorporate that into the historical patterns if the market collectively was saying we think the fed is going to have to be cutting way before they were thinking before simply because it's a financial stability issue, that's a little bit different than saying, well, cycle is rolling over. of we can see it coming. again, take it with a grain of salt don't dismiss them i'm not going to dismiss the leading economic indicators and where he they sit or what the curve is suggesting or the fact that unemployment at 3.5% is usually not a great starting point for getting excited about stocks tends to be late cycle all that together, markets are not breaking down. they're refusing to break down economic numbers are come in better than expected we have a fed if nothing else, even if it's not done is trudging along and a quarter percent per six weeks.

>> speaking of steepening. apple as well. year to date resteepening of the apple chart. you want to call it that the stock is up near 27% so a nice run there. nasdaq is 17% higher s&p 500 leading the way as well. >> gains for the day, week, month, and yes, the quarter. q-1 comes to a close we wrap up this first quarter. the action is just getting started. welcome to "closing bell" overtime john fort is off today the latest report on bank balance sheets from the fed. something we've been watching closely since the turmoil broke out this