extended their beer sales times to account for the fact that there are now shorter times. but i would point out, so many of these teams are taking this as a fan experience portfolio. especially for arizona earlier in my career, by the way, pre-cnbc, i was asked to do a feature on the business of baseball, and part of it was the beer at chase field in arizona, five bucks, great experience. >> wow fantastic. >> dom, thank you. >> thank you for watching "power lunch. >> play ball closing bell starts right now. welcome to "closing bell." i'm scott wapner from won't nine at the new york stock exchange it is make or break hour, it begins with a big bang for the banks. better-than-expected earnings, sending several names higher today. and now one of the most influential analysts on the street has upped his estimates on one name in particular. in the wake of those results mike mayo is here first with those details. here is the score card

60 minutes to go in regulation, the dow lower today thanks to a big drag from boeing and united health care, stocks weaker across the board as you can see. interest rates are higher today, more worries about the economy, retail sales coming in weaker than expected as well. at t-leads us to the talk of the tape jpmorgan seeing the biggest post-earnings pop in some 20 years. let's bring in a star analyst now mike mayo, wells fargo securities, more details on the move he made you have said, nice to see you, goliath is winning and oh, boy did we get evidence of that today, did we not? >> goliath is really, really, really winning and you can see that with the largest bank, jpmorgan, beat expectations by almost one-fourth. the big news here is that they guided higher, $7 billion of revenues, with zero extra expenses they guided higher last year, they had $50 billion of pre-tax earnings. another 7 billion.

you're talking like 12 or 13% higher earnings just like that and so we increased our estimate this year by 12%. >> wow. >> you raised your price target on the stock as well >> absolutely. >> what number where are we now >> we have over 25%, 30% upside from here. even with the stock moving higher so we can still be buying the stock even with the higher news. look, the big news here is that national banking is paying off this is why you had national banking passed in 1994 because jpmorgan has diversification of funding by channels, by geographies, by customers, and that diversification is really paying off, and so they don't have the issues of some small regional banks. also, i've been on your show before, by the way, i was on the show before jpmorgan - >> don't pat yourself on the back too hard. >> i made my share of mistakes, don't worry. >> and the cherry picking of

funding costs going higher, they went higher for jpmorgan, but guess what, their yields on assets went higher than that and the other point, i downgraded jpmorgan at the start of last year, because i thought their expenses were out of control. now, jamie dimon, and jpmorgan, they're getting this $7 billion extra earnings, without spending more and for now, the financial discipline that we've always loved about jamie dimon for the past 25 years, it is coming back and coming back in spades. they're not spending this extra earnings >> you called it a port in the storm. that's from the note that you put out just before you came on the show today net interest income, up 49%. you charge more to leopard than you do on the deposits, that's the results you get, right can it hold up, is the big question >> all of this is not going to hold up. the guidance is they might give half of this back after this year they are assuming deposits slow up

they are assuming lower interest rates. they're not exactly assuming a super rosy scenario. yes, i do think the resiliency holds up resiliency of funding. resiliency of the business model and the scale ability and certainly the resiliency of the balance sheet. scott, everyone here is talking about a recession. their credit losses are half the long-term average. their guidance for credit card losses, despite everything you've seen, is unchanged. so you look at jpmorgan's results and you say what recession, what crisis, what are you really talking about now, jpmorgan is best in class global bank, and we will get regional banks next week so let's not get too carried away, but as far as the largest banks which have had the most regulation, are the most resilient and jpmorgan is best in class out of this. >> jamie dimon maybe quelled some of the concerns, too about, what is happening on the credit side on the call, i wouldn't use the word credit crunch if i were you. he said quote, we're not running around aggressively tightening

standards right now. and i'd just raise the issue of whether they're going to they just haven't yet. and whether what is going to have an impact and whether you're a little too giddy about these results today, as obviously, as reflected in the stock. up more than 7%, the biggest earnings pop in some 20 years. >> it's definitely a concern i think the choice of words, the senate credit crunch, contraction of credit, say it however you want to, banking, the banking industry, likely to become more restrictive who they lend to. and you will see that in the fed survey when it comes out in may. that shouldn't be much of a surprise but banks are open for business. and jpmorgan, you know, stands on top of that. >> jpm's getting all the love today. at least the commentary, but you like citi, also, right let's take a look at citi shares they were up 3% in their own right, after what was a pretty good quarter, too, right >> that was, citigroup was another name we liked going into the quarter and i say -- >> 5%.

>> it's not your parent citigroup. this is a different citigroup. when is the last time you had a big crisis that citigroup wasn't part of? they don't have the regional bank issues. their deposits were higher and they don't have the global bank issues like credit suisse and they have this jewel, this gem, called treasury trade solution, one fifth of the company, it is the largest global wholesale payment network. >> didn't you used to hate this bank >> yes, i try to get the ceos fired, some ceos did get fired, i testified to congress about them >> you wrote a book about them. >> two of my ten chapters in the book how much i hate the citigroup. >> and now you love them >> i didn't say love back to average. >> where do we put -- everybody obviously says it is about jamie, and the quarter that he just delivered, it is evidence that it is deserved in the eyes of most.

what about jane frazier? >> jane frazier, you know, so far, so well, pretty good. i mean but they need more proof points she needs to prove it. and citigroup needs to prove it quarter after quarter after quarter. they have strung together about, you know, several decent quarters here. and i think they're delivering, one year since the big investor day, and so far, they're on path, if not a little bit ahead, and they trade at half of book value. so in terms of people saying buying some european banks, citigroup, from the reopening of china benefitted, citi benefits from the rate hikes by the ecb, and they certainly benefit from this incredible diversification of funding in over 80 countries around the world so that resiliency, citi is more resilient today than any time in the last 50 years and that's underappreciated. >> wow, you refuse to say you love the stock, and it certainly sounds like do you. >> we recommend the stock. i like the stock a lot but love and citigroup haven't gone together for a while.

like and citigroup will give you a stock that goes up by one-third. >> i think you're still taking it personally but that is neither here nor there. >> what about next week? >> what does this mean next week, goldman, bank of america and the others have to report? >> goliath is winning so the largest banks are in the sweet spot and i'm fine with that due to the regulators the regulators forced the largest banks kicking and screaming to increase capital, to increase liquidity, to improve oversight and they did it and they're benefitting now the smaller regional banks, it waits to be seen and i asked jamie dimon today, i said your ceo letter said there's a banking crisis what are you taurking about, jamie? >> and he said you know what, it is really just a handful of banks that were caught offsides and you can count them on your fingers. so it is not the industry. >> but last week, he said something to the effect of, well, we haven't seen the end of the crisis, or something to that degree. >> well, i got clarification today. he is saying it is like, you know, less than 10 banks that are called offsides, that there

are issues, and it sounds like they're resolvable, but that's what waits to be seen. so we don't know which -- if jamie dimon says there is handful of banks caught offsides, we don't know which banks they are. >> dan greenhouse, solis asset management and brin hawkington, and we have mayo sitting here, and most of the banks having a good day, led by jpm and i showed you citi. are you feeling better about the space given what they delivered today? >> well, i mean it's goliath who is winning the battle, we all know david, needed david to win the war and the regional banks are david here, and so that to me is so interesting clearly, jpmorgan is best in class. to have this type of return today, you're seeing a tremendous amount of hedge funds that clearly got caught offsides, to see this type of return but that return in jpmorgan is

coming at the expense of the regional banks i mean pnc had earnings, they were solid earnings, theywent in excruciating amount of detail, talking about 2.7 off the deposits, and to me, it is like jpmorgan, citi, the bank of america, they're really important to the stock market but the regional banks are important for the economy, because that's really the grease in the economy and i looked at the i shares regional bank index and it is trading back at 2014 levels. technically, they look terrible. and so for me, it is great that bank of america, jpmorgan, they will all have goodnumbers to me, you really want to see some stability in the stock for the regional banks, because that tells you what is going to happen in the broad economy, because that is the lending machine in the u.s >> what do you think dan greenhouse >> what about the banks now? i think better than fear, it is an appropriate way to assess

what was delivered today, and the way that it is being received on wall street. >> well, listen, the sent plot wasn't great going into the quarter. positioning was not great going into the quarter but i think to echo a point mike made earlier and brin touched on, jpmorgan is very much an item unto itself and really, the big three, the big four banks are items unto themselves the real financial, the real bank stories are going to come next week, as you guys have all touched on when comerica and keybanc and the others report and that will give us a data from the broad market and the broad economy. >> if you look at this and you say okay, if you were worried about the recession imminent, you look at this and say oh, no, it is not. >> no, there was nothing in the reports whether it is pnc or citi or jp morguen from a high level standpoint that gave you any indication that you were any closer to the elusive recession than the day before. >> with the markets down today, and the dow, it is hard to look at that, it is a two-stock story

for the most part in boeing and united health but part of the market is that the fed will stay on the pedal and this will be the floor, like waller was talking about earlier today? >> there was a bunch of economic data out this morning and it is a friday so we can chalk this up to a number of different things so i think the waller comments obviously play in this conversation as well. >> in terms of, brin, not being ready to take your foot off the gas, is that what you think is still the overhang, if you get a couple of down, you know, negative reports, retail sales negative, so you're like okay now we got to worry about the consumer cracking, but then, you got some bank results, and you're like wow, i guess the economy is holding up pretty well still, that means the fed is still going to be in play. >> well, here's what i think about it first of all, the fed has never stopped the tightening cycle before fed funds were above cpi. so right now, if i just go to june, and we say ppi continues to grow at 0.4 month over month,

just because we're dropping off march, april, march, may, and june of 2022, cpi by the end of june will be at 3.16 fed funds are at 4.8 i mean the fed is close to done. i can't imagine them continuing to tighten, if you have a 3 ppi and a 5 fed funds. that wouldn't make sense so i'm less concerned that the fed is going to continue to tighten over the next few months, and maybe one basis point, or 25, or 50, over the next couple of months, but listen, going back to 1985, it gets murkier off the bat we don't just mosey into a recession. there is always an event whether iraq, kuwait, 9/11, lehman failing, covid, there are these events that occur. so i think the economy today is still strong, and that's what is really hard for the bears to say we're going to go into a recession, you're going to have to pick this event, this ephemeral event that none of us can predict, and that is why i think we will muddle along i think the s&p is tired here.

i don't think we're going to get much more traction until after earnings season and there is more clarity if we have been able to grow into the multiples of this tech stocks that have really expanded, i think too much >> all right what did you want to say >> if the cpi is going up 0.4% per month, i don't care what the headlines year over year inflation is, the fed is not going to be done raising rates >> full stop. >> 0.4% is a completely unacceptable amount of inflation in the federal reserve in any month let alone repetitively. >> in terms of where we are now and in a week where the cpi and ppi both were pretty good reads, chris harvey has been leaning on we will have a sell-off, we will have a correction, we thought the market would get to 4,200, and it was kind of on the doorstep, right? and this year's ppi, cpi rally does not change our advice to sell before may and go away. he had made that call and on with us to explain it even further and thinking the post-svb impact on bank lending and demand slowdown will make

for a difficult road ahead, mid this year. what do you think? and i want your opinion on the bank lending, too. >> first of all, i don't like the disproportionate representation for wells fargo on the panel i don't know the difference. but whatever and i mean listen, there is a lot still to be nervous about. i don't think that broader fundamental landscape is any different than it was a day ago, a week ago, a month ago. the bank reports are obviously positive and the fact that the economy is not rolling over is a positive but again, those of us in this camp that have been in this camp, that are new to the camp, that are in the camp, the view is very same am, that the fed continues to raise rates and there are repercussions for that beyond tech valuations and while it might take a day longer than we thought, a quarter longer than we thought, a half longer than we thought, the odds remain that eventually those effects are going to be felt >> i think the strategy is chris harvey is exactly right for three reasons. number one, you have less deposits in the industry by 3% in the first quarter you're likely to see that at the

regional banks, less deposits, less lending second, a lot of the regional banks need to build capital. one way to do that is to lend less and number three, you have more concerns about commercial real estate lending, office lending, concerns beget concerns, and rating agencies, and analysts, and people like you, scott, are going to be asking about it, and then banks will reduce that exposure, and you could have some contraction at least in certain spaces, so chairman powell said it might be equivalent to a 25 to 50 basis points rate hike, and it is probably more than that. and it is something we collectively need to watch >> brin, so on that note, if the fed is going to be a little more aggressive, is the next 5% on the s&p up or is it down? i ask the question, because you got harvey talking about a correction, jonathan censki out today, more volatile next week as we really get into earnings week, he says deutsch another 5% upside, in the coming weeks, if you were writing the note, what would it say, up or down 5%?

>> i would say, i would say down by 5%, but i think we're going to actually trade in this range for a while. i think that we are tired for the s&p, so i would say down 5%, and i would take one, but my real suspicion is we're going to be more flattish and be range-bound. >> something's off either the bank stocks are saying the market has to come down, or the bank stocks have to come up in the market, so maybe the scenario here, i'll just accept the premise that the market doesn't go anywhere and the bank stocks move up to the market too much of a disconnect >> well, admittedly, the banks are still on their loads as a whole. and so there is room for, if next week comes in better than expected, there will be deposit shuffling, as we know, there will be worries about commercial real estate, particularly office but from a pricing standpoint, they are about as low as they've been, and so there is room for them to move higher, if they're, like jpmorgan, better than expected >> what do you like best right now? >> oh, man listen, we're finding, so the idea that there isn't a recession imminent or anything

like that, their there's stuff to do in consumer-focused businesses we talked about the banks bein on the lose. take a look at the hotels. take a look at what is going on fundamentally with the cruise lines, and in the content distribution world there's a lot going on there in terms of how consumers are consuming content. >> are you more bullish now than you were on the consumer >> no, it's not that we are, or i are more bullish, it is that i think there are stories underneath the headlines that are playing out in the form of consumer behavior shifting and you talked about the regional sales before, all day long, i don't think anybody has made this point, you have to remember, the retail sales report is all good almost all good. none of the services, what are the services, trips, hotels, movie theaters, et cetera, et cetera, packed, packed, and packed you know, airlines, awful performance, but in terms of the number of people flying, basically still in line. >> brin, if i told you, you know, okay, channel larry fink

who said, he was sitting on set earlier today, no, i don't see a big recession, i'm not sure we will are a recession in 2023, may have it in early '24, but he said, look, i mean he sees the flow of money unlike anybody else, and suggests the economy is still chugging along pretty well so if you believe him, what sector do you like the best? >> well, if i believe larry, no recession, we're talking about -- no one can look over that horizon line and that's all we see out to, i think you still want to go with the sectors with the highest free cash flow yield. and that would be energy, which would bode into what larry was saying, no recession, china coming out of their contraction, and i would say health care, because this is the number one and number two sectors with the highest free cash flow yield and so that gives me optionality. if he's wrong, but also, if he is right, you have companies that can do m&a, dividends and buybacks with all of that cash they're generating >> mike mayo, last word to you, then we got to hold the mayo

>> well, can somebody get the free cash flow on the banks? i guarantee you -- >> no, it doesn't exist. >> people don't do that map, but you can back into a free cash flow yield and it looks incredibly attractive at the banks and for those out there, call me out on this, because i know i'm right, i've done this long enough, free cash flow and yields is very varied and one of the most compelling metrics you have out there. >> goldman, bank of america, morgan stanley, who blows the doors off next week and who do we watch out for >> i think goldman, trading, this should be goldman's environment. when people need goldman's services now, more than ever, so hopefully they're able to capitalize and monetize that. >> great stuff thanks for coming by dan, thank you brin, thanks as well. it brings us to the twitter question of the day. we're asking which bank that reported today is the best stock right now? jpmorgan, citi or wells? head to the closing bell to vote on twitter the results coming up later on

in the hour. coming up, united health under the weather today. the biggest drag on the dow. it's been a top holding for one fund manager for the past ten years. so is he buying the dip? is he hitting the sell button? he tells us next we're live from the new york stock exchange you're watching "closing bell" on cnbc.

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35 to go in the trading day on this friday let's take a look at the top stocks to watch. seema mody is lear today. >> two notable decliners in the electric vehicle space we will start with lucent, that is under pressure after weaker than expected deliveries in the first quarter. the company delivering just over 1400, while analysts expected closer to 2,000. shares are down 6.5% rival rivian, falling after piper sandler downgraded the tock to neutral. analysts say they still like rivian's overall strategy, but they think they need more capital to execute on that strategy shares are down over 7% here scott? >> all right, we'll see you in a little bit thank you, seema. united health shares under pressure, giving back some of the big gains over the past month despite a beat on the top and bottom lines and raising guidance joining me is kevin simpson, and

a top holding of his, as it has been for the last decade right, kev >> can you believe that, scott woke up this morning and - >> why have you held it in such high esteem? >> well, it's performed really, really well. and it wasn't until this morning that i realized that we haven't sold this position in over a decade and it is warren buffett, if you can't own something for ten years, you shouldn't try owning it for ten minutes but literally we had this in the portfolio for that long. this is the 21st out of the 23 quarters where they beat top line bottom line. and they have raised guidance. you can see a little bit of the sell-off here today. which is i think to be expected. because to your point, it has been on fire so far this month it was up 11%, just in the month of april so far so i think we're seeing a little bit of sell the news, and that's understandable >> what jump-started, excuse me, what jump-starts it again? >> well, the probably with this whole replacement about medicare

part c, and the idea that they're going to have to change some of their reimbursements, was problematic for a 12-month possibility. and now that they're able to kind of watch this into their earnings over a three-year period, i think that in and of itself did jump start it because if we go back to january of this year, the stock was down 10% to start the year. so we sold that jump start this earnings report is so ho-mum because they do it so often but i think is the stock that absolutely deserves to be a core holding, and it is today for us, as it was ten years ago and i'm anxious to be sitting here ten years in the future and seeing if it still is. >> you added to your apple position i want to take that one next why did you do it here >> well, it had a little bit of a pullback earlier in the week unlike united health care. we've sold apple eight times out of the entire position, over the past decade. most recently it was about six weeks ago, when whee removed it

and we have been working our way back in, working our way back in, and like anything else, when we talk about position sizing, i think that's an important conversation to have we want to build that position back up into apple, which we're doing, and it's not like we never sold a share of united health care over the past ten years, but we look at position sizing, it was about 5% per position, because we're looking at everything through a risk management lens. we're building up the apple position building it back to 5% and over the past ten years, any time united health care became a 7 or 8% weighting, we would trim it and sell in the strength and rebalance back down to the 5% target so constantly was taking profits in the position. and i think it is a good lesson on active management it doesn't mean we have to be trading all the time like we are with apple but we can hold the position for a really long time and take profits along the way >> i understand. but i do find it interesting that, you know, for a stock that's up better than 20%, and decidedly so, to start the year,

that it just takes a mild pullback for you to want to buy more essentially suggesting that you don't think that technology, as a group, certainly as it relates to mega caps are going to have a sizable correction, because you would have just waited and bought it lower. >> i still have some dry powder. we got 11% cash. if it goes down, we will buy more, but the thesis for the tech name, looking at what happened in 2022, you have the nasdaq that sold off so dramatically, that it as good as some of these numbers look, and completely outstanding, to start 2023, but over a longer term lens, that is how i look at everything, is over a longer term lens, that these things are absolutely opportunities to add to them, they're long-term buys, and we expect a lot out of them. so i don't know that the markets in general have a whole lot of upside left in them, but i think there are opportunities within any market where we can look out to build out positions and apple is still not a full position, we have plenty of cash to continue

to add to it i don't want to be the guy waiting and missing the boat, that's for sure. >> speaking of building out pocks, lockheed, quickly, before i go, you added to that one, too. >> defensive names, strong dividends, strong dividend growth, and with geopolitical, we own the company, not just for defensive measures, but owning a company in this space, i think, makes sense, we've owned it for a while, we just build out a little bit more, again, looking to build cash on cash positions, they earn money, they pay dividends, and they increase their dividends, and that's what we want to see in stocks, especially if we're in an economic slowdown. >> good stuff, kev as always. thank you. kevin simpson, have a good weekend. see you soon. >> thanks, scott. up next, tech taking a breather today it's up nearly 20% for the year. does the sector have more room to run we'll ask that question. it's also the one name that fluld be, quote, nearing an inection point we'll tell you what stock we're talking about. why it is moving higher. we'll do it in two right back we'll do it in two right back here on "closing bell.

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the "closing bell," tech on the tear, as you know, our next guest says it is red hot rally, it may in fact have more room to run. let's dig into the charts now with jessica, director of product at options place good to see you again. why do do you think it has more room to run, as some are suggesting it is time to sell. >> it is really kind of where q1 is marking the highest level of negative guidance that we've had since q3 of 2019 and all of the companies that gave us forward-looking guidance, the majority of that was actually technology. which means it supports that narrative of really setting the bar really low and exceeding it. the negative implications from poorer earnings has a precedent already set due to the negative forward guidance that we've already seen from a technical perspective, which is really the important

part there, because the nasdaq 100, it is stuck between the january 30th high of 12,880, and the bottom of the gap that it formed in august of 13,210 so it is in this area that needs to gather momentum, and i think that momentum could come from better earnings. >> it is not too stretched, based on what the charts are saying, and you think that earnings will actually confirm the fact that tech can go higher rather than throw cold water on the mood >> certainly, and that's really because we've already received a lot of negative forward-looking guidance so if we have received that, that sets the precedent that we certainly can overcome those levels and as you look at the broader s&p 500, scott, every bear market rally has been fueled by an earnings season, so that narrative that we keep receiving consistently, over and over, is things are not as bad as they

thought they were. i think we'll still follow through at least for the quarter. >> that's early. we have to see google is on your mind today, specifically why? >> yes, so i want to look at the indicators that i do at this time, and note that these have not been of note until very recently, which is the 2640 and 200-weekly moving averages because that gives us a quarter off quarter view and an indication of the trading cycle. i pulled out across a lot of sec tors and the biggest cushion naturally is the nasdaq 100 or technology, with a 10% move, 9% based on today movement, and google really streamed from someone that is at the bottom of that, so it has a breakout from the bottom of the trend. so i want to see consistent closes about the 2640 and 200 weekly moving averages google has done that four weeks in a low and now they have support of the moving average which is 101, the next thing, the item that we need to overcome, or milestone, is 110, and in addition to that, from a

technical perspective, google or alphabet has not really participated in the ai hype, and i really feel that is largely due to a pr issue, and not necessarily products they have been investing in ai, for five years, and there is, we talked about it so much, increased productivity, is something that can help with the labor market imbalance in a way that can find equilibrium and additionally, their ceo announced the movement from the atlanta model to the pond model as far as the back end of their ai capability which really narrows the gap from google, ai model, to open ai chat gpt so that is something that has been announced in addition to their earnings coming up >> we'll leave it there. jessica, thank you. up nexter, we're tracking the biggest movers as we head to the close. seema mody is standing by with

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let's get back seema mody with a look at the stocks we're watching. >> goldman sachs double upgraded this stock here from sell to buy, and analysts citing a number of positive factors including a strong product pipeline advance, and better inventory management, and the china reopening which we know has helped hgmh. a rough start to 2023. more than 15% down so far. slightly higher, 3% in today's trade. servicenow, lower as ubs trends s , trims some of the estimates but analysts are maintaining the buy rating saying demand softness is industry-wide ands no specific to servicenow. the stock is still down about 4% scott? >> we'll keep our eye on that one for the next 15 minutes or so thank you. seema mody, last chance to weigh in on the twitter question we asked which bank reported today is the best stock in that group to buy right now

jpmorgan, citi or wells fargo? we will bring you the results on twitter just after this break. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do.

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the results of the twitter question, we asked which bank that reported today is the best stock to own right now, or to buy right now. the majority of you said, and i suppose i'm not surprised, given the better than 7% gain today, jpmorgan 68%. it was a run-away. up next, production problems, boeing issuing a warning over the 737 max tsje that story and much more, and

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make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. we're now in the closing bell market zone "the wall street journal" has more on the end of week, weakness, plus, phil lebeau on the boeing 737 max issues and bob pisani and what he is watching in the final minutes of the trading week not much volatility. i mean we're down today.

the vix, it is at 17 and sinking. as we speak. >> that's fascinating. what we are end this week, on a pretty downbeat note when you look across a range of markets, there isn't a lot of fear out there the vix has been edging lower. the bond market, the volatility index down from the march highs. credit spreads have tightened this week. the high yield market, across the market, that tells you people really are on edge right now and what i've been hearing from some traders is people who had bet against the market, people who have looked to bet on volatility, they were caught flat-footed this year. and especially over the past week. >> i still have plenty of people though, including this week come on and say we got a correction coming and it is coming sooner than people think and it could be 10%, if not more >> the thing is, it's costly to bet on that. when you have the s&p 500 futures positioning, against the s&p 500, the highest level since august 2020 last week, ahead of cpi, ahead of bank earnings,

that didn't pan out the way a lot of people expected so that's why you're not seeing the rush to protection, even though they're kind of a seemingly endless less of concerns that analysts have cited. >> at least for a day, we're saying earnings are not as bad as feared but it gets real next week so many important s&p and dow companies reporting. >> it is going to get real next week and you know, this week, the indexes, one thing to watch is how much dispersion do we see out there, you know, jpmorgan stock was popping a lot. we saw some other big single stock moves as well. >> what do you think about technology here? it is an interesting question. it had a great run it teetered a little bit it's down again today. it prepped higher a bit. >> i think a lot of investors cannot let go of those trades that worked the past few years, and one thing that really surprised me is bitcoin has moved higher tech moved higher this year. 4 or 5% yesterday. and i think that shows you that there's still a lot of speculation out there.

there is still a lot of excitement for those trades that, you know, roared, the past few years. >> it is great having you here you splay seen a headline. bottom of the screen in the last few moments. about a temporary supreme court ruling related to the abortion pill meg terrel is joining us now with the very latest what do we know here >> the supreme court has issued a temporary stay of this ruling from the district court judge in texas that would have taken mifepristone, the abortion medication, off the market this is a temporary stay that is in effect until the end of the day on wednesday, april 19th justice alito had granted that justice department request for this stay, to sort of preserve the status quo for right now, but he has also called for response from the plaintiffs that originally filed the texas lawsuit, and the court is ordering that any response to the application be filed on or before noon on tuesday so scott, this is not the end of this legal battle, this will proceed, but right now, this drug is ordered to stay on the market, at least through wednesday of next week, as this

continues. >> all right, appreciate that update, meg. now to phil lebeau boeing, one of the biggest drags today. we have more 737 issues, as i read, from one commentator earlier who suggested boeing just can't get out of its own way. >> well, this comes at a bad time, scott. we talked about this all day what you have here is a situation, they're still trying to assess exactly how many 737 maxes might be impacted by the fact that there are two parts that, their suppliers, arrow systems told them, look, they're incorrectly installed and checking those in production and as well as inventory this is important to note here this is not a flight safety issue. there is no planes that have been grounded. the max is in service. it remains in service. nonetheless, for boeing, it is, you know, potentially a big deal, depending on how much they have to lower their deliveries not only near-term, but let's say this stretches out over a couple of months, which is not impossible to believe, so you don't know how many deliveries

that people were planning on, for this year, scott, are not going to happen. and as we know, deliveries drive cash flow, and ultimately drive earnings at the end of the day, and that's why you see shares of boeing under pressure. by the way, shareholder meeting next week, wouldn't be surprised if we finally hear a comment from boeing ceo dave calhoun, at that meeting, about this also, you have spirit, they're down, what, 20%, and one point today they were down 20% they are the primary supplier here and this is just a brutal day for them they are in the process of putting together a plan, for inspecting and fixing the fuselages that may be impacted here >> channeling exactly what stephane lake said today, boeing shareholder, of course, on half time, about the hint of free cash flow, but even she said, this is still overdone in the stock today, because it isn't a safety issue, as you just laid out at the very top, phil, correct? >> she is correct about that however, if you are an investor and you were counting on boeing,

let's throw out a number here, the estimate is 445 maxes to be delivered this year, let's say this is where it takes a couple of months for them to figure this out and they can't get these deliveries up to 400 this year, and well, then near term, you're going to see an impact here. so stephane is correct it is not a safety issue in terms of they will never be able to fly or the planes, in service, aren't able to fly, however, it is an issue that is going to hit the bottom line, potentially, in the second quarter, as well as the rest of this year. it depends on how extensive this is and how long they have to lower their deliveries >> no doubt. not to mention the flair tive around it, just hear -- narrative around it just hearing boeing and 737 issues, it is like a sell first, ask questions later story of sorts, phil, as we've learned. >> absolutely. and with a 52-week high, within the last week, two weeks, so i think a lot of people have said,

okay, we had a nice little run and maybe we will take some cash off and at some point we might get back into it. >> thank you bob pisani joining us now. boeing one of the stories and the drag off the lows, 139. boeing, united health as well a bit of a drag. even though the numbers were good but you're talking about another stock that has done quite well of late. >> yes, and remember, it helps to have a $500 stock and when a $500 stock does well in the dow, it pulls the dow up, dow is a price-weighted index the soft landing piece is still intact earnings were brought down more aggressively than any other quarter, understandably. the numbers were better than expected and not as bad is a good way to characterize bank earnings we're down but the volume is light. we talked about this all week. the important thing. the advance decline line it is more of declining stocks than advancing stocks today but generally for the last two

weeks, many more advancing than declining stocks we talked about the strength of the cyclicals. industrials keep advancing materials keep advancing energy keeps advancing then there's the defensive sectors that are advancing health care has had a great couple of weeks put together consumer staples are generally advancing. you mentioned, scott, tech has been flattish this week, and that's true, so what you see here is more of a rotation, a rotation into cyclical and even defensive names and a little bit of rotation out of technology. but that is a rotation that's not a correction, scott and that's why the market fringe is still to the upside right now. >> two-minute warning. you just heard it. soft landing still intact until it isn't i guess that is what the narrative is going to be in part. >> investors are saying we think the peak of inflation has passed and we think the trough in earnings is soon going to pass, and that makes next week so, so, important, where maybe jpmorgan's earnings weren't as

bad as people thought they would be, but what about the smaller regional banks, what are they saying about a potential credit crunch ahead what are they saying about lending? that could change that soft landing piece, that a lot of people have wanted to lately. >> in other words, bob, be careful to judge too much on a day, where you've gotten earnings off to a decent start, and remember the quarters prior, several of them, the bank stocks did not do well on the back of the earnings numbers, so it is a welcome change at a much-needed time >> yes, i would agree with the idea that there is a widening spread between the money center banks and the regional banks, and you can see that with the kbe, which is the bank index versus the krv, which is the regional bank index. that was down generally for a good part of the week here i thought that the provisions for loan loss, everybody is so worried about the recession la is coming. the provision for loan losses, i thought were very modest and pnc had lower provisions

that to me indicates better quality quality, not worse, and maybe it is different down the road and i was encouraged today by that metric and interest income numbers were not as bad as people feared here so remember, these are very, very low expectations. and at least today, it looks like -- [ bell ]. >> have a great weekend, everybody. see you on the other side. score card on wall street. but winners stay late. welcome to "closing bell" overtime i'm john, with morgan brennan. >> and we are seeing breaking news on the fed on the bank balance sheets this hour we will bring that to you. and we'll look at the regional bank earnings that are coming next week, and there are many of them. >> dollars to doughnuts, shares of krispy kreme up more than 40% this year. we will talk to the company's ceo about a whole lot, including sweet returns, and hisok