the products that they are not getting on the secondary market there actually destroying the product. >> there is no advantage to discount the product because they've got to try and recruit as much cost as they can. >> exactly. >> thank you very much. closing bell starts now. have a wonderful holiday weekend. struggle welcome to closing bell. i am scott walker live at the new york stock and change. this hour begins with the final countdown, tomorrow's job report. all that is riding on the outcome. is labor market cracking? is the economy too? what all of that would mean for your money. we will tackle those critical questions this last hour of trade. here is your scorecard with 60 minutes to go in regulation. we do have some dip buying today as the nasdaq tries to keep its weekly winning streak going.

communication services leading the way, seems clear investors not willing to make any big bets ahead of tomorrow morning. yields are a big story this week. also, in wait and see mode. it brings us to our talk of the tape. is a weakening economy going to drive stock slower or is a potential change in policy good enough to keep the rally going? but has asked joni pasquarello. welcome back. >> are you a buyer or seller of this market? >> i have been in this camp for a while. i am's will in that camp. i would probably be a buyer of dips and a seller of rifts. in the first quarter was instructive for all that has happened in the past month or three months, or six month. in the first quarter s&p was in the box. 3800, 4200. i don't see the dynamics changing. my guess is will be stuck in

the mud for a while longer. >> you keep talking about what is must-read for me, age symmetry towards bad outcomes. what does that imply? >> i do think we are stuck in the range, i have a hard times being the upside detail on the market and part of that is here we are still. as we have seen this week, it looks like the economy has lost a bit of momentum. i think we have a regional baking situation which remains unresolved. if there is gap risk, it is more to the downside than to the upside. matthew and jamie diamond says this baking crisis is not over, i am paraphrasing obviously from his shareholder letter -- you think there are more shoe to drop in that whole story? weathers on the region themselves or the fallout. frankly, wherever else. >> our banking team was in d.c. last week meeting with regulators and client. we did a bunch of calls on the

back of that. what i find interesting is that professional money managers is how wide the distribution of you is. sometimes there is a cluster towards consensus. i think it is very white on this. it is still in the early days the policy firewall is in place. secretary yellen suggested they could run that play a few times deposits have slowed down. i think they would say it continues. we do not have a systemwide guarantee just yet. kind of the forward earnings power of the space is in question. that is still a open question. >> what about the fed and what role it will play going forward. if the fed says -- first of all, if the fed does not do anything me. i noted like 60/40 on 25 basis point hike. what happens if they do not do anything? >> it implies that we are done. a capsule on the moon, i think that mission has gotten harder over the past month. one hand trying to fight but it

is still legitimate inflation concern. we will find out next week with cpi. expected to be 5.6%, which is still a long way from target. there tending to this regional bank situation. we have traditional tools to manage inflation. that is the funds rate. that is the balance sheet and we have a separate set of tools for macro credential reasons. they are trying to run both plays at once. our view is the fed will go 25 in may. they will go 25 in june. and it done 5 1/4 let out let the turkey roast to bed. where we disagree is the implied cut. >> the marker right now is calling, you know what, on that. the market doesn't really believe what anyone from the fed is saying. with all due respect, that is to the chair himself. >> part of me thinks that the probabilistic thing, kind of a

distribution of our abilities. the market needs to be saying, there is 75% probability that things are fine. there is a 25% probability that they could cut three or 400 basis points for the run that through the math and you come out with 85 basis points in implied cuts. >> when you alluded to it, whether it is the fed chair himself, prez, bullard, with the ideas of these ools to deal with everything. we can fight inflation, have enough tools in the box. not necessarily systemic in the broader sense but we could just deal with all of it. do you believe that or not? >> they need to project confidence. the market -- >> i think there is a way that if you look at the back end of the bar market. actually i think the market is giving the fed a bit of credibility. alternately, inflation is under

control with a little bit of a risk premium that they need to avail themselves of the lower rate of the end distribution. >> you do not elieve that cuts are coming in calendar year 2023? >> the house view, the goldman sachs view is there no cuts in the second half this year. what is interesting is how the market has reacted. i think tech has been the very big in a fishery. the best companies in the worl , like the cash flow. it is just almost programmatically when you have the big move lower in rate and your rates are 1% because of the market. i think nasdaq, they very gladly accept that. >> doesn't make sense to you were tech is for the reason that you laid out? or is that one of the areas that you would lean into the cell on strength positions? >> i do think it makes sense. one thing that is clear in our franchise is they are kind of the winners from a process of

elimination. this is a global statement. one might be ready to own. texas has so much going for it right now. >> when you compare it to more, alleged, risky plays in more of the cyclical areas of the market. this week you say, pmi, i am and services were week. there is evidence the economy is slowing. now if you get actual cracks in the labor market, which have always been a lag. and now may be taking hold by evidence some of the stuff we have got this week that leads me into tomorrow. what is riding on tomorrow morning? >> about 20 k. as you rightly pointed out on the margin, are disappointing. both barrels of ism. we printed 260 payroll number. i do think that will take the temperature down on a lot of

these concerns are around the momentum of economic growth. another big card comes down in cpi. >> what happened if the labor market is cracking and the economy is in fact slowing and that the projections, respectively, just don't come to pass? >> the fed can be done sooner. what ever bullard and whoever else is, they are not going to keep talking like they are. >> i don't think the market is immune from down turning in the cycle. the starting point of one of 18 times here in the 82nd or 90th percentile. it is pretty demanding. the market is already taking credit for the weight relief. that would be an inconvenient truth to confront. >> whatever you said, you heard their reaction. they like whatever you said. they are still yelling about on the floor. in case you can hear through the mic. are these plays still too expensive? staples, utilities or are they

okay after the pullback that they had been? >> we are available on defenses. healthcare as well. also picks up the market's desire for growth that has been a strong factor this year. we are on a screen of what we call strong balance sheet companies. we like the ratios two-week balance sheets. irrespective of the near-term economic path. >> this is the week where crude oil roared back i'm looking at it here. it may be flat now but it is 80 bucks -- eight it is the line we are at. of the, it had surprised a lot of people as much as tech knowledge he did on the other side. >> i think it does. the opec puts a lot in wells. we have seen that. we have seen crude oil 95 bucks at the end of the year and 100 bucks at the end of spring. the stocks are cheaper you look at the sectors of the market, energy is the cheapest of the 10 or 11 to choose from. it trades on nine pe.

the commodity cycle is a bullish call. the core issue of not enough supply gets worse and worse. i think the issue is cleaned up a bit in that space because it was a tough q1 heard a negative to last year. for trade, i don't have a problem with the energy. >> good to talk to you. good luck to my inbox for that weekly note of your spirit that has a lot of people talking. tony pasquariello , goldman sachs. both are cnbc contributors. i look at the notes from you today and you sound like a person who is certainly getting a bit more defense of. you sold out of deer this week and you added procter & gamble. if that is not that, i don't know what does. >> it definitely says it and i also have my eyes on j&j as well. i'm not pull the trigger on

that one. i am definitely more defensive at this point. i am more defensive than i ever have been in the last couple of years. i am still balance. i still think there is value in some of the cyclical and some of the financials. i added to chevron today. i do think given the backdrop of all the data that we have gone this week alone, we have to concede that we are, in fact, falling. we are starting to see the higher interest rate impacting the economy. it really should not be too much of a surprise because it does take about 8 to 12 months for any kind of policy to get into the economy. they just started raising late into march and april. we are starting to see the impact. i am a little disappointed in the job number throughout the weeks. we don't have to panic yet, scott. the average for initial claims, 238,000.

the average over the last 50 years or so is about 370,000 in terms of initial claims. the point of it is, were starting to go in the wrong direction. you added all up and you want to have more of a balance in the portfolio. >> i do not want to gloss over this, more defensive than i've ever been in the past couple of years. that sounds like the stephanie link who was glass half full is now glass half empty. i feel like that is undeniable. >> i don't know if it is glass half empty. i'm trying to look at some of the bright spots in the economy and the service is still very strong. but jobs numbers are still tight. wages are still strong at about 7% year-over-year. if you switch to hundred jobs, it is 14% there are pockets of the economy that are doing well. there is a lot of momentum. i'm not going to look at this data and ignore it.

higher rates are going to have the impact to the economy. we are going to slow down. i said this for a long time. we are here and into the slowdown. let us see how it plays out. i do not want to go all in on defense. they are not all that cheap, quite frankly. procter & gamble -- it is hard to buy a lot of those. that is why mention j&j. i am looking for places on the defensive side. i still have a more balanced portfolio. when, in fact, we stop seeing higher interest rates and the dead does pivot, though sectors, they will rebound pretty quickly. >> there is a crack in the glass that stephanie is saying and looking at. right, joe? >> there is. tony, as you heard, there is a country to the downside.

they have done a good job talking about the range the market has been in between 3840 200. that is what tony talked about today. there has been a paradigm shift in the first order and now we move into april. that is the economic conditions. the economic conditions, you cannot ignore. that is why there is credibility and rebuilding positions and what you call today on half- time, safe havens. i will call them strong balance sheets, technology, mega camp companies. having a second look at healthcare. i talked about that over the last 14 months coming back once again. the idb, which i recently purchased. taking a look at that once again. you cannot ignore the economic deterioration. the nfib, the small business survey, it came out hiring intentions for small businesses 15%. that is the lowest number -- >> let me stop you. tomorrow morning, if the jobs

report is light. missing the market goes higher. >> it does? i cannot figure out and that is why i am asking. this week it seemed like bad news had become bad news again. now, we are stressing bad news is good news? >> the market has just rotated. that is all it is doing. it is rotating away from an overweight cyclical. that is where i was. back towards being more downs and diversified. recapturing ownership of safe havens. you find those in mega cap technology. >> i know staples but i do not know enough tables. one of the staples that i own hurt me today. staples are rich in value. i believe it is the right place to be, given the overall environment. staples in and of themselves, that will not provide enough positive contribution of performance. >> staff, is it disappointing?

there is a light jobs figure tomorrow morning. does the market go up or down? >> i do not think it goes up. inflation is still too strong. the core pce is much too high at 4.6% year-over-year versus the 2% of what the fed want. i think the fed will not stop tightening. maybe just two more tightening? were at the end of the cycle, for sure. we are just starting to see the impact. the inflation numbers will not come down fast enough. i know we have a cpi number next week. i pay more attention to what the fed is telling us as they watch and that is the core pce. back on to staples versus discretionary within the consumer sector. staples sound like 2% of fear and discretion is up 12%. i could see that reversing. you know i've been over some of

the discretionary names. we will talk about the things i am, doing this week on half- time or closing bell. that makes sense right now. >> what i do not quite get and i want you to explain. why you are growing more negative, overall. you are slightly overweight, financial and industrial. whether you are at the early stages here and the png moves, making that transition away from some of your positioning as it is today. >> i'm just trying to get more in balance because i was more on the cyclical side. it worked for the first month and a half of this year and then it has networks and. i've used ge as a situation. i like it very much. they are just getting going on better production levels. it is actually quite cheaper than those only three that i own. i am down from owning seven names to now three in

industrial financials and i think the big ones, the one that i own. bank of america, wells fargo, even schwab. i think the evaluation are just too compelling for me. i know that they have excess capital and are gaining share. while when they report next week, the numbers might be in line but the guide might be more conservative. then i will buy more. i want to look through all of this and find some opportunities where i their big blue-chip companies will not only survive but thrive at some of the weaker players fall off. >> joe, do you want to buy the dip in the bank or stay away from the bank? >> jpmorgan i bought in march. i want to stay high up in quality. i don't want to play with the regionals right now because i do believe you will seek significant credit tightening and the fact that all this money is parked at the federal reserve capturing a report rate of 4.8%. it will not benefit bank earnings.

there is a lot of volatility still ahead. most vehicles as i told you in the third quarter. i think it is when you can see the most intensity for poor earnings. the conversation regarding the debt ceiling using we've got to get through the second quarter. we just started with that. >> hopefully, we can build up enough cushion in the second quarter. that way in the third quarter we do not have that precipitous fall. >> we will see you again in the market zone as well. we're just getting started here on closing bell. up next, were counting down to the jobs report which is at take. and what can all that mean for the fed we will discuss that with a former federal reserve governor, frederick mishkin. we want to know what you expect from the report is it a mess or a match? we got the results later on in the hour. you are watching closing bell you are watching closing bell on cnbc

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tomorrow's job report looming large for future fed rate hikes after number economic data points. more commentary this week, joining us now is frederic mishkin. mr. mishkin, it is nice to talk to you today. >> good to be here. >> i am curious, was this a turning point this week for fed policy given the string of weaker economic reports, including from the labor market? >> i do not think so. i think people can put too much weight on data coming in. inflation is still too high.

even if there is some weakening in the data, that does not mean inflation will come down fast enough to get down to the 2% target level in a reasonable period of time. we have to wait and see. there can be issues of uncertainty right now, particularly in the banking sector. >> if you're renting worried about the banking center, at least to some degree we can debate how fast that is all taking place. you talk as though the fed is going to keep the pedal to the floor. >> i do not think so. that is not the way to interpret what i am saying. that is what the fed needed to do. it was research, and that research, we actually felt that there were very strong reason for the fed to keep raising

rates just above the 5.5% level. furthermore, not to think about that coming down very quickly. hydrates would be there for a long period of time. there has been a change, however. that the instability in the banking center is something that could seriously weaken the economy we said big outflows of deposits from banks. the banks have less resources. that could be something that could impact very seriously on the economy. what i should say that i do not think that will happen the fed has taken steps and the government has taken steps to prevent this making trouble from spilling over into the economy. but we do not know. the real conversation to be had. if this resolves itself fairly quickly, then i think the fed will be back to raising rates substantially.

it may not happen quickly or there is a possibility that things could get worse. then the fed would have to reverse course. i don't want that to happen. i think that is a bad way for the fed to lower interest rates. i think it is something they have to watch and watch very carefully. >> what about this notion that we've heard from the chair himself, bullard reiterating it again today. the idea that the fed has a big enough toolbox with enough tools in it that they can fight inflation on one hand and put out any credit fires on the other. if you are in the room, would you make that argument or do you disagree with that notion out of him? >> i think that is right. you have these measures to deal with the banking crisis. whenever you get into these situations, it spins out of control. he goes over the cliff. i actually described this to my

students with the wiley e coyote cartoons. that is a very different environment. i don't think this is nearly as serious or as big a problem is what devon happened during the global financial crisis. something that we can get information on in terms of how much interest rate risk with bearing. you know exactly where to put the money to shore up the banks. this is much more complicated when we have the kind of financial shocks we have had in 2000 to 2008. it is very different world. on the other hand, it is still possible that there is skeletons in the closet that create real problems. that was part of what happened in the global financial crisis and it is been going on for years. the shoe drop with lehman. that has been needing to be

kept a close watch on that. i do think they have the tools. they have already implemented a lot of the tools. they have the facilities -- bay guaranty deposits to make sure the deposit did not go way down. i think they do have the tools but sometimes you got the tools and best stuff happens and you get overwhelmed. i don't think that will happen but you really got to watch out for that. >> it seems like you can make the argument that the fed got lucky quote, unquote, that it was a fairly idiosyncratic and it did not have a role anywhere else. in response, i will credit where credit is due. in response to, you know, how quickly they dealt with it. where was the san francisco fed during this whole thing? we knew that there were issues with sp be and they were not

dealt with. it seems as though, and some would argue that the fed was asleep at the wheel the entire time. do we really have confidence in their ability to deal with anything more substantial and serious? even if it does not rise to the level of a gse sort of thing? >> my view is that just as ricky ricardo would they, the fed has got a lot of explaining to do. they did not do their job properly. i actually felt that michael's testimony saying with the bank and sbb, i am sure that is true. the fed did drop the ball here. we need to look at that and make sure that we understand how to make that happen. i will say that it is a learning organization. they make mistakes. i've been very critical of policy starting in 2022.

they finally got it. it may have taken them a long time to do so they finally got it. they turned around very quickly. i do think they have the capability of dealing with this. interest rates, is one of the easiest risk to evaluate. it is a little shocking that the fed allowed the svb to not have the risk management that they are supposed to upper that is a key thing that supervisor supposed to look at. do you have the right type of risk management? the svb was not serious about the interest rate risk. they had a period of time. this is really bad news. something should have been done about it. i can tell you the fed moves very quickly. they are serious about doing their job well. when they blow it, they wake

up. that is not true of every organization but they do. i am much more confident that they can keep this under control, having been inside the organization. however, we still want to know what went wrong. we do not want to let that happen again. also, we want to know if the weakening had anything to do with it. the fed did not do its job properly. >> they woke up all right. >> they sure did. >> someone was suggesting they had a sleeping pill. and they became too awake. >> this is a serious issue. you've got to get in there and get the information. you got to make sure that people know what is going on. and do your job properly. i think the fed can. one of the things is that we all make a lot of mistakes. it is learning from yours. i was impressed with a flick of

the switch in terms of inflation for close to a year. may have been very dramatic, 75 basis points was shocking and exactly the right thing to do. i have more confidence in this organization. i have seen a turnaround, get it right, after they have made mistakes. they are human and they made a big one and we need to look at that and fix the problem to make sure it does not happen again. that is really critical. it is not enough to do your own internal investigation, you need outsiders to look at this and determine what went on. >> i appreciate your time. we will see you soon. that is frederic mishkin, joining us here on closing bell. let us get -- >> 23%. keep in mind that is just five bucks. not even five bucks a share. for dollar 81. it felt 18.5%.

a judge denied the chain to convert is pertinent equity units. into amc common shares. the judge blocked a deal for a one to 10 split and the ability to sell more shares. this order is temporary. amc has promised not to do anything to the shares in the interim. remember all those technical outages for robin hood back in 2020? today, the training platform has agreed to pay as much as $10 million in penalties to several states like california, new jersey and texas after the outages that customers from trading. robin hood neither admitted or the die -- >> christina, thank you very much. a third a triple play. key stock stieors you newly watch it before the market closes today in less than 30 minutes.

while the likes of airbnb and levi are syncing today. plus, all the latest on the disney drama. closing bell is back right after this

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we are tracking three key stories as we head into close today. we have what is sending airbnb stock lawyer. julia boyce has been standing by on the latest, it is the dizzying. a big stock slide that has a today. >> started in february when air dna, which hopes industry trends that the average daily rate was rising at a slower pace in the same month last year. fast forward, lee horwitz forecasting airbnb to host a q1 of miss and potentially dive down for the second quarter with new data suggesting it may grow in the low to mid teens. it comes as hotels have done a better job at holding onto pricing power. weekly hotel numbers out today show more people checking into hotels versus the prior week. let us take a look at airbnb

stock. it is down about 11% this week would put on track for its worst week since early november. >> julia boorstin on plenty of drama this week at disney. >> disney shares are flat right now. in a rare interview, former chairman of marvel entertainment, which is the, publishing and licensing division of the company, telling the wall street journal that disney fired him and that he was not laid off as the company said. the push for cost-cutting due to support for the longtime friend, nelson in his battle against disney. he sold moderate to disney in 2009 for $4 million. his power was diminished in 2015. when bob eiger replaced him as head of marvel videos and all of this comes as disney named its first ever chief brand officer asad ayaz . a key part

of the new role is promoting disney's 100 year anniversary. to tie all this back, marvel has only been part of disney for 14 years but it is a powerful brand engine for the media giant. >> julia boorstin, thank you. now to melissa repko on levi. not a pretty picture. >> shares of levi have their worst day since going public in 2019. after the company reported high inventory and promotions have cynically jumped from a year ago. the baby earning expectations on the top and bottom line but go margins came lower-than expected as a company markdown to sell access goods. the company had a product on inventory it was up 33% year over-year at the end of the first quarter compared to 58% at the end of the previous

quarter. it also talk about weakening wholesale business, which he wants to offset with direct sales. retailers like walmart and target have been cutting orders or placing smaller orders, such as levi, especially as apparel sales soften. >> ladies, thank you very much. up next, christina is standing by with some key movers, 20 minutes or so before we close christina reed >> what do french fries in europe have in common? before you say nothing, hang tight and i will explain the connection that is driving one name higher.

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as big -- 15 minutes ago. christina. >> regional banks leading the way ahead of earnings that are starting next week. you can sear your screen, both over 4% higher since yesterday. western alliance said their deposit outflows are starting to stabilize. the street is pretty mixed on regional bank of america, j.p. morgan downgraded with a price target of 44 bucks when it had prices under 75. concerns of week loan and deposit growth. raymond james says it is a strong by. shares are 3.3% higher. give me the frozen waffle fries, the maker of frozen potato products, lamb weston,

recently acquired operations in europe. there is the connection. shares are 2.3% higher. >> christina, thank you. last chance to weigh in on our twitter question. we asked, what you expect from a jobs report tomorrow? a beat, amiss, or a match? we have the results after this break. 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.

the results of our twitter question did what you asked from the jobs were? the majority saying amiss. we will see in the morning. up next, the bics box drop. up next, the bics box drop. we get his take next what if beer could get to the right place, at the right time, all the time? not like that. like this. getting this beer... all over the world... right when they need it. yes, with ibm consulting, ai-powered software can help automate your supply chain— so beer can be ordered, produced and delivered more efficiently. so happy hours keep going. salud! and the beer keeps flowing. that's the automation solution ibm and a global beer company created. what will you create? ibm. let's create.

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and then we looked around and said, wait a minute, this isn't even our stroller! (laughing) you live with your parents, but you own a house in the metaverse? mhm. cool...i don't get it. 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 ♪ senior margaret mike sends ali to make down the moment of the training day but as get this morrow outlook ahead of the job support. joe terranova back to us to talk about costco's drop as well. michael, looking forward to tomorrow morning.

what is at stake, do you think? >> it is not a lot of anxiety. her most of the week we have been observing and the economic is starting to get reprice. i look about their individual stocks more than the verall index. macro data, okay, i guess that is why gm and ford trade the way they do. while capital one is bumping along the will bottom. whirlpool looks really ugly. i was a, if it is truly bad if there is a negative number in front of it, we will not handle that well. i don't think they have been under reacting. reaching for stability in the same big growth stop and of course you've got to bounce in the regional banks which does drain away some of the volatility. >> keith lerner, how do you see it? >> great to be with you on this thursday. the consensus is looking for around $240,000, rage growth about 4%.

it is what you want to see is summer around 200,000 a little lighter on the wage side. after we get through this number, we have a long holiday. people will forget about the employment report by this time next week. the biggest picture is, you know, 4100 is not that capable when you look at a strain with 18 multiple. you have a lot of good news bake in with a little margin of error. >> i feel like you do not think the rich reward was that great either at 38 or 39. here we are at 41. >> we actually said after the pullback that the war had become slightly more improved. you gave me a hard time about that. now there but to the 4200 level, we think it is favorable. lesson we had an allocation chain, it was around the levels.

we are back up here. like i said, the debate is, is the fed going to allow them. our point of view, the fed has raised rates 75 basis points, where he have a quarter are not. in our view, as you move nto the second half, we will see a more meaningful move down in the enemy when we look at the second half as a disconnect. something is going to have to give in the second half analysts are expecting earnings for the s&p to rebound to a new high while economists are expecting numbers to come down. we think that numbers will have to come down, which makes the market even more expensive. >> real quick. the things change this week in terms of what the data seems to be showing? not only about the economy with the labor market itself? >> i think it shows that is slowing down from a very strong

level. the question that the market is debating is how quickly the negative side comes. this happens more into the second half >> keith, i appreciate it very much. good weekend to you and we will see on the other side. what do you think? >> i think it is important, for sure. it is indicative of a conscious consumer. the items clearly will be given second thought by the consumer. you see it in the price- performance not only of costco today but best buy over the last four months. you cannot dismiss the meaning of that is being messaged from costco today. >> make you want to rethink the discretionary trade? this is going to be a staple, and some people's minds. it is a good matchup. >> costco gives you the nice blend between what is

discretionary and what is a staple. what is interesting, just specific to costco. right now you are on the fence in terms of momentum. you are losing a bit of momentum. fundamentally, the story is still there. this is a company that has strong revenue growth. we're going to see a mover that move away from discretionary go to staples. they are going to go to costco. that is where the value opportunity is going to be. the fundamentals are still in place. the community came out and supported very strongly. it is he had a look at something like this in the prism of both of those areas. discretionary, table, defensive or not. >> if it is just to give back, coming out of the gate very strong in january and february. you got the social gerty bump and income and things like that. then i think it is okay. costco is an expensive stock, always is. more broadly, a lot of the

areas of traditional consumer discretionary have already struggled. the exception being homebuilders. that is one that i keep looking at the potential outlier. it is rate sensitive. every time you get yields coming back down and people think it automatically is going to convert to housing demand. that has been true so far but if the market is a little too optimistic about that, if the employment picture softens up. we have a lot of if's and maybes. >> still a lot of skepticism. you got seven consecutive days where it is moved lower but there is still a prevailing step. >> thanks for sticking around. you mentioned, specifically, all week -- even though the nasdaq was weak. it was orderly. not much and then here you get some debt buying today. >> we do. the other strand is just getting a little frisky in the ai trade again. you do not know if that is a

good or bad thing. you want people to have something big picture that they are excited about to look for. you're seeing some of the smaller ai related docs move and even the alphabet move today. it is leading the nasdaq and happens under the cover story of ai. i think that is okay. you do not want a market where is all one thing or another. there has been more balance to this market. it was almost a push this week in terms of overall index moves. healthcare doing fine for a little while and all the rest of it. i was not pleased on the sentiment side to see the retail investor with their survey kiki■her. you had a jump up in the latest week. the reason for that is, last week and the week before, the most popular stocks in the world did great. if you own apple and microsoft, i think there was a little more bleeding in. i'd rather see more skepticism about going into a big number. we have had times where the market was closed -- monday has

been slightly more volatile than usual but not there a negative nasdaq is the big winner today. [ screaming ] nasdaq is leading the way. that is your scorecard on wall street. the action is just getting started. welcome to closing bell organ time. we are waiting. breaking news on the latest balance sheet data. that report has been closely watched falling the collapse of silicon valley bank. we'll bring it to you as soon as it is