ndamukong suh. only two left here this is number two that is erica sullivan, sully superstars which of course means number one is woo charlotte claire >> nice, the wwe superstar will kick off the live event. thank you for being here >> "closing bell" starts right now. and welcome to "closing bell" on this\friday i'm scott wapner live from post nine this make or break hour begins with a look ahead to the biggest and most important week of earnings season yet. microsoft, meta amazon, all reporting. and stocks are pacing for their firs worst week in more than a month. and so is the rally on the

reasons oigs or not? let's ask lauren goodwin here with me at post nine are we running out of gas? how do you see it? >> it is so uncomfortable for investors to sit and stew in this no man's land of uncertainty, mixed data, and no good answers but there are two things actually that i'm looking at next week in terms of where the market might be going next and specifically the equity market one is the employment data on friday employment cost index which i think is really important for this tug of war we're seeing about the fed. and then of course you mentioned tech earnings. specifically revenues. because the market breadth in this upturn has been so focused on these big particular names, i think it gives us a huge

indication of whether we'll see up or down >> and you think the stocks are set up for a fall specifically, the mega cap tech ones and if they are, does that help answer our question of whether those earnings next week save it or sink it >> i think it answer the question it has to do with revenues rather than bottom line earnings >> revenue growth is slowing obviously. we learned that in the prior quarter or two >> but it is not outright contracting. so i think that it is important to see under the headlines how these companies are managing what the rest of the country is feeling in terms of profit margins compressing. because it is when the rest of the corporate sector sees the profit margin compressions that the tech sector starts to see deterioration in revenue, less growth in ads. >> do you feel like the market overall is vulnerable? >> i do. not only from the economic perspective, but also from the lack of breadth that we're

seeing i'd highly tout tdoubt that i'mt or even the tenth person to say that without the top ten names in the equity market, you've only got 1.3% return that is really important but it also tells us what to look for in terms of the tech earnings for example if you are going to see the market continue to break higher, it is probably not going to be from upward surprises in tech next week, it will be because other names are starting to join the party up >> but if these names next week, let's assume the earnings come in well, that is not going to give you the ability to have another leg higher led by those names, maybe at the expense of everything else. for all of the reasons that we've discussed that they have gone up in the first place better balance sheet, cash on the balance sheet, perceived safety and more defensive plays. >> i don't know. i don't know that in a market where quality and uncertainty are so consistently a part of

the conversation, if investors are willing to take pe multiples of higher than 30. i think that we might have seen the hovering around that quality specific to the media and tech names already. >> let me ask you this why has the market been able to be as resilient as it has? and i'm gathering it surprised but so many are. everybody can seemingly name all the reasons to be defensive and negative and cautious and sell the rips and the market has been hanging in why? >> the consumer. it is all about the consumer because when you look at all the things that have been going around, you still have spending, still 70% of the story and i think that it is one of the reasons why -- well, two things you can get the economic call right all you want but we'll see if it happens but it doesn't say anything about how you need to be positioned

today. if we've learned anything, investors can be caught offsides by missing the up side just as much as getting out of the way for the down side. and so from being fully invested in the market and playing tactically looking for those signals again that you might get a bigger break to the up side or down side i think is essential >> and i'm look at discretionary stocks it is the best sector today. and it is one of the best of the year looks to me like it is the third best sector of the year thus far. do you feel like the consumer will hang in there, will the consumer crack >> i feel confident that the consumer will crack. but what is it going to take we've only seen the first in retail stores. gosh, everybody just wants to get out and spend, that is a healthy economy over the last 18 months but we are also seeing person a al savings right now down below

the long term average. delinquencies ticking up and so signs in the upper and middle incomes that they are starting to krebts but it takes time. >> if we think we're vulnerable, how vulnerable are we? when sort of down side to you foresee for the s&p 500? >> median 1k3erexperience has b 21% down side on the s&p 500 and when i look at earnings pricing of 220, i think that somewhere between 180 and 200 is reasonable and frankly the longer the economy holds on -- >> 180 >> -- closer i think that it looks to the lower bound and so what i've been hearing a lot is a 10% down side i think that we might be looking closer to the median experience historically of 20% towndown si. but i don't think that we'll see until we see employment crack. >> and let's expand the conversation, bring in avery sheffield. good to have you back.

20% down side from here. if i said the state of the market is blank, what would your answer be? >> i would really concur with lauren i think that we're in this no man's land where so many stocks are so expensive that there is very meaningful down side to them well north of 20% for a lot of the most expensive stocks and some very large stocks in the market still and i do think, and you probably agree, that there are stocks that are priced for recession. a lot of consumer cyclicals are just cyclicals in general and economy already priced for a significant down turn and they might surprise to the up side. and if they are yielding free cash flow of 10% or more in a world where you can get 5%, that still might be interesting if the earnings come in better than anticipated. >> so you don't think that recession is priced in in any way. lauren obviously doesn't >> well, in the expensive stocks

holding up the market, there is not a recession priced in at all. i think kind of early in calling the slowdown in tech spending even last fall and i thought that the stocks would follow that, but instead as each incremental data point comes in, i.t. spending is weakening. everybody is looking to the recovery in the back half and now people are saying tech budgets are tight. we don't want to miss it so they have already bought a recovery and so it just teams like it is hard to have an up side and we have seen some technology-related stocks like some of the smaller players that actually sell 0off 10%, 20% they are smaller names, but for some reason people are actually paying attention to the fact that i.t. spending looks like it is slowing and if people have the same sentiment, there could be very

meaningful down side >> and so when you said so many stocks are so expensive and the larger ones, you are talking about mega cap technology stocks i mean, the start of the year where pes were relative to where pes are now, you guys are great, they put up the chart exactly of what we're talking about here. apple was 21, it is 6.5. microsoft was 25 and now 28.5. and so in other words, everything is above market multiple and some extraordinarily so like amazon, already at 51, now at 74 and nvidia 34, now 59. meta now 20.5. >> and i'm speaking directly about these stocks and especially the more expensive. they have just priced in so much optimism about in the case of companies that are more ai levered, ai growing to the moon, and in the case of companies that are maybe more cloud

levered, cloud growth having just small cyclical slowdown and then reaccelerating. if margins don't come through, at some point there will be a meaningful down side seems like the investment community is prepared for a slowdown so in a way it is not the surprise so maybe investors will continue to buy the dream but at some point maybe it is the second half of the year if the dream doesn't materialize, it seems pretty cautious but if things start to wobble, things might be like i better take my gains and move on. >> what happens if the fed makes it clear, as clear as they can, okay, we hiked here in may and now we'll be done. we'll sit and we'll wait there are some who are suggesting that that is not a positive, the fed pausing or whatever word you want to use that it is a sell, it is a sell signal and they say it like bank of

america's flow show today sell the rate hike, hire unegher unemployment is the result >> and i agree because the market is expecting that the fed will do what it has said that it will do the last nine points if it doesn't, it is because it sees recession coming at us like a train. and that dynamic in which i just said investors are finding this sort of nuanced no man's land really uncomfortable >> and it is very much a no man's land >> and it will be even more uncomfortable if the market doesn't believe that the fed is on the side of this economy moving so well that inflation is challenging. now, from a headline economic perspective, i think history could very well bear that the fed pausing in may is fine we've seen the long and variable lags, they are taking time to roll in, the fed could pause and

wait and see but then they are signaling that we're more worried about recession than inflation >> and unless they are like, look, we understand inflation is coming down and we don't want to break anything more than tipping the svb glass on the floor that shattered but you didn't knock the whole case over. maybe it is just as simple as that the economy is muddling along, doing well enough. they don't want to break something else that could potentially be larger and they admit that inflation is coming down >> i think that it is an incredibly reasonable thing to say and it might even be a very reasonable perspective but i wonder if that nuance is something that the market can take in a positive way so look, what avery describing with what we might see out of the fed, it is very clear to me that being fully invested is important still for investors, that we have to be in position to capture not only the yield but also the dividends and free

cash flow that avery is describing the equity side of a portfolio that provides. but quality is increasingly important. >> is the end of the fed road a positive or a potential sell on the news >> i think it is a very hard call on the news but i do think if the fed does pause, what we've seen is that we have lags but the economy is withstanding these interest rates much better than i think many anticipated. >> if not most people anticipated. >> exactly so i think if the fed pauses, we're going to continue to see a digestion of the higher rates and that i think will at some point though push investors toward stocks that actually have a yield that competes with 5% on the short end of the curve and i think that that presents a great opportunity again for the less expensive more beaten up areas of the market with

companies that actually have, you know, better than anticipated business models. >> so you like traditional cyclicals? >> i do. not every one, but -- >> but, no, i was like that is interesting. >> p and g, great results. earnings up 3% year over year. it trades at a high 20s multiple volumes are down and where and you can get 5% yield in treasuries. and so if you are in defensive stocks, why aren't you just in trea treasuries i feel like you should be in the market where there is asymmetry to the up side and we've had a fair number of cyclicals in home building and areas like auto dealers. we've talked about retail before and consumer finance they are cheap and if earnings are town and if they don't collapse, you've got like strong earnings yields.

>> and you also lining office reits, really? >> the plural there should not be.kening office reits, really? >> the plural there should not be.ing office reits, really? >> the plural there should not be.ng office reits, really? >> the plural there should not be.g office reits, really? >> the plural there should not be. office reits, really? >> the plural there should not be >> so one office reits that you like >> there might be at least one that i like. and they are very particular you have to look at every building, every location but i found at least one reits, even occupancy modestly declining, these stocks are down 70%, 80% from the previous peeks and those that are in quality markets like coastal markets, southern california, they just might be cheap enough that there is interesting up side there >> and we'll leave it there. ladies, thank you so much. let's get to our twitter question of the day.

which are you most closely watching amazon, alphabet, microsoft or meta you can vote and results coming up later on. now a check on some of the top names we're watching christina. >> and let's start with lyft because lyft is confirming that it would significantly reduce its head count next week according to an email from the ceo. the "wall street journal" is putting that number at 1200 employees and that is driving shares higher now 5.5% higher. it represent as big chunk of the workforce, roughly 30% could lose their jobs as soon as next week and important to note that lyft doesn't count its drivers as employees. and they say this is a hard decision and one we're not making lightly, but the result will be a far stronger more competitive lyft and you can see shares towdown s about 70% in the last year and shares of everbridge plunged down about 8% right now

after florida officials canceled a state contract worth millions with the software firm after a contractor mistakenly sent a test emergency alert to floridian phones at 4:45 a.m. just this past thursday angering residents from their slumber the test alert was meant for tvs and not phones >> slight difference there christina, thank you up next, what could be at stake for the tech sector? we talk to aswath, he will give his take and later, five star picks for your portfolio kevin simpson is making moves gearing up for august that he reveals his latest trades there are some things that go better... together.

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look at that wall. mega cap tech reporting in a big way. alp alphabet, amazon, microsoft, meta but have they gotten ahead of themselves after the tech sectors rallied to start the year let's asks dean of valuation from the school of best. good to talk to you. a perfect time to do such. these stocks too expensive or not? >> i think at this point they are in relative for the rest of the market i don't see them expensive and if you look at what has happened, it is really the large

tech that has rescued the market collectively money making tech, largest companies, have added $1.7 trillion market cap just in this year. without them the market would be in trouble and i think that they can sustain the market because there are two things happening one thing people are discovering how much pricing pow they ever a power they have. and they think that might as well dump stuff.ever power they have. and they think that might as well dump stuff. >> they took their so-called medicine before everybody else is a bullish case and that is why they are the ones primarily talking about the year of efficiency the words obviously that zuckerberg used at meta. that is how you see it as well >> i think that they have a lot of smack meta had thousands doing nothing. you layoff thousands who do nothing, that is direct to your bottom line. most people don't have that

luxury so i think that tech companies because of the way they have cut costs will be able to deliver hire earhigher earnings than expected they are big companies but i think profits can deliver surprises.they are big companiei think profits can deliver surprises. >> yes, they are the money making companies and that is why they are so attractive, the balance sheets, the cash, free cash flow, et cetera but also their revenue growth is decreasing from where it was so how do i judge their valuations based on, yes, the plus of money making but on the negative of the revenue growth declining? >> and i think that is a tradeoff that you have to make revenue growth will be high single double digits so i think the market price has caught up with 8%. and start of last year, i think the market was ahead of itself it was building and expected

revenue growth above 15% and wasn't going to happen of course the market went to the other extreme and so these are terrible companies remember when facebook dropped less than $100 a share, people were convinced that the end was year so you get these wide swings at the moment i think that they are okay given the high single digit revenue growth and high margins, i think that they are okay at current prices >> are there some who look to nose bleedy so to speak to you i was just recounting the pe for these stocks from the beginning of the year until where they are now with our prior guests. whether it is apple, which was 21 and i'll reiterate, we can show it again as i ask you this question, 21 to 26, microsoft2 to 28, amazon 51 to 74, meta 15 to 20. and some suggest that the rerating is over nvidia, 34 to 59

you get where i'm going. does one jump out to you and you say, okay, put the brakes on >> obviously amazon jumps out at 74 times earnings. but we've been betting against amazon and losing. so i'm not willing to say that you are getting junk this is a company whose earnings are understated significantly because of the way that they built the business model and so obviously it stands out i do think that meta still has up side left in it, but remember, even if they are fully repriced, it doesn't make them bad investments. and i think that these companies with the pricing power are pretty solid defensive investments. they will be able to raise earnings even in the course of a recession. i can't say the same about many nontech companies. in many ways you are paying for their pricing power. >> and how about the market at large. 18 timesish, does that make

sense to you given where both rates may still go and where the economy may be heading in its own right? >> for the last three years i've been watching markets and markets have disconnected from investment communities because if you listen to investment communities, one message in the market seems to have a mind of its own. i've given up trying to figure out what the market is doing what it is doing at any point in time and part of 9 fof the reason, es might say it looks terrible, about i take the market over experts every day. >> does the resiliency of the market surprise you in some ways >> i think in a sense it hasn't been fully tested. the rates have gone up and i've been surprised at how well it has held up. but i think the other shoe that you are still waiting to drop is earnings going down. and that doesn't happen and the market is okay so i think that the next week of earnings reports and in factual through the rest of the year are

going to be tests of how much are earnings going to suffer at companies and is the market pricing in that drop >> it will be a full one next week professor, appreciate it very much still ahead, raising the l.e.d. flag. biggest risks that could plague the market but first kevin simpson is trimming one name that is reporting xtne week. he will tell us why. dallas, texas.n and i'm my wife's name is joy. we've been married 45 years. i'm taking a two-year business course. i've been studying a lot. i've been producing and directing for over 50 years. it's a very detailed thing and the pressure's all on me. i noticed i really wasn't quite as sharp as i was. my boss told me about prevagen and i started taking it. i feel sharper. my memory's a lot better. it just works. prevagen. at stores everywhere without a prescription. (vo) businesses nationwide are switching to verizon business internet.

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got 30 to go before the closing bell and now the stocks we need to watch. >> and let's start with shares of a lithium producer. worst performer in the s&p 500 after they announced plans to nationalize their lithium industry which is the metal that is used to build ev batteries. they plan to create a state owned company that would

compete. so shares are down 10% and shares of hca are hitting a record high trading about 3% higher. and stock one of the top performers right now in the s&p 500. >> christina, thank you. and up next, five star stock advice, kevin simpson making moves ahead of some names that are reporting next week. he breaks down the trades after the break.

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set being you up for next week's tidal wave of earnings. let's bring in kevin simpson you trim a little mcdonald's why? >> it is a name we've owned for a long time. but as you were talking about with the previous guest, multiples sometimes get stretched.

and if you look at where we are in mcdonald's, you are in a 30 plus multiple and for us that is a little pricey on the name. so taking profits, right sizing the position, this is how you manage money in these environments and i think that it only makes sense for us to take a little profit ahead 6 of earns about and i was thinking about the difference tend. six years ago it played $2.52 a share. today over $6 a share. and so kudos to its performance, but show me a stock that has given me a raise and that is what i will hold >> and i mentioned microsoft obvious you listened to the conversation with the dean of valuation. what did you make of what he said that these valuations, you know are maybe aren't as stretched as they would otherwise look on paper? >> i think that he brings up a good point people will tend to pay up to

growth if you are looking at multiples in the 20s, not talking about the 70s or 80s, that could be tough, but at 28, a little pricey 26 for apple, a little pricey. but not unbelievably price y. and love to talk about ai. so expectations for microsoft and all these companies have a low bar and we'd expect them to beat but we have been trending along the way and i think that at some point you may get another opportunity to get the stocks a little cheaper but i'm not trying to time the market we like the position long term and certainly a high quality name for us. >> and interesting week for a crude. an 8 handle on crude oil back at 77 chevron, how does it look for you? >> they have been weak, but anything over 70, 75 bucks, they are just printing money.

and this is not a stock that will mistakenly go into cap ex-and start spending like crazy. they are committed to dividends, dividend growth and shareholder value. those are all themes that we really like. an amazing performance in 2021 they lagged a bit in 2023, but i don't think that the story changed at all i think vins tors have another opportunity to continue to build positions in these names that is what we're doing slb had good numbers and the stock sold off so this may be a great opportunity. >> what about visa >> american express put a lot more money toward their reserves, like a lot more than people expected. so i think that we'll see something like that from visa. they have a history now of us getting used to them beating top line, bottom line and raising expectations but it is a good business to be in if you can charge people 26% for credit, that is better than the

loan sharks. so we like the stock and own it and much like chevron, if you see a pullback on earnings, you can add to it. >> and what about u.p.s. >> we like it because of the multiple trading only 15 times forward earnings i think fedex multiple is closer to 20. so here is a stock again incredible, amazing growth, resilient. if we go into a recession which is our base case, it will slow down on what we're spending on amazon stock has done really well we're long term holders. all these names are things that you can put on your watch list >> and do you feel like itit is make it or break it next week? how are you looking for a market that has been a slog, but it has been reasonably resilient. dips have been bought. we're seeing it again now as we head closer to the end of the session here on this friday.

how do you side it up? >> i'm shocked by the resilience and the rain nge found market ss like a bit of a calm before the storm for me if we listen to the bond market, 4.2% is something that we should be paying attention to uber bulls are looking at the story line where you will see a fed hike, a pause, a cut and this is not a dramatic play where we can control the ending. we have no power in it and i'm a little concerned that the bulls are expecting too much and we may not get those positive upward surprises. at least as short term as some people are predicting. >> bulls may be listening to the bond market. seem to be more than that they are listening to the fed because the bond market is

telling something that the fed isn't. >> fed has a narrative of their own. butcan't keep raising rates. we saw what happened to the regional banks so we're getting closer to this pause. that is for sure and my problem with the massive bull thesis though is that where do you price in the three rate hikes in 2023. we're almost into the summer and we're running out of time. so seems like more like a 2024 narrative where we can see the good times rolling again but i would remain cautious for sure >> no matter what the fed does >> yeah, baup they are almost out of ammunition. i'd expect a 25 basis rate increase in may. and i think that they can stop there. maybe that will be enough. these are lag effects. and we are not talking about

deflation. we don't need prices to come down, but we're looking for disinflation where they stop going up if you're in philadelphia and you are back to like 2008, 2020 phillies are losing, maybe the feds job is working. >> eagles lost the super bowl, not trying to rub it in or anything i wouldn't do that we'll talk to you soon that is kevin simpson. good weekend to you. last chance to weigh in on our twitter question which are you most closely watching ahead of earnings next week amazon, alphabet, microsoft or meta results after the break. ♪ imagine, a car that goes as far as it does fast. as sleek as it is spacious. as smart as it is beautiful.

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the results of thetwitter question, which are you most closely watching and amazon is the winner 40% of the vote ahead of microsoft. meta at the bottom up next, we're breaking down the ai battle, a wall street analyst getting cautious there are some things that go better... together. like your workplace benefits... and retirement savings. with voya, considering all your financial choices together... can help you be better prepared for unexpected events. voya. well planned. well invested. well protected. ordinary problems are for ordinary companies. we're here to fight the big, intimidating, impossible-to-change problems. [beeping] from developing treatments at unprecedented speed

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we're in the closing bell market zone. mike santoli is with us to break down the crucial moments of the trading day. and we'll have the biggest challenges facing the market and also will stein, why he is cautious on tesla. mike, we look toward next week, a lot of the big stocks reporting. including amazon which is interestingly up 3% >> not as quietly making a move. of course it had a pretty disastrous prior two years it was the one member that was a drag on the rest but now poking up to the point where it is challenging its 200 day moving average you see that has been where the rallies have stopped three times in the last year or so so we'll see if this one can nose above it.

it has a little up trend happening. and hard to pin it on anything except maybe neglect and the fact that people have kind of left it aside. you are looking for i think things that seem like they are steady and walmart has been a good performer and p&g has been a good performer so whether that or something less but with sochamazon, the sell s chronically loves it >> and we know it is expensive, but you have to -- >> and you never broke that. the price target has come down and people are less enthusiastic about it but one to watch and it underscores the fact that the faang complex has not traded in unison. you have amazon down 20% the last six months, meta up 60% so a lot of variation.

>> and the others reporting next week, the importance to the overall market given that we've been in a slog, we haven't been able to break out of any kind of range. seems like we're here every day. >> it is hard to know if that is going to somehow be the excuse i'm a little skeptical of marketwide catalyst coming from individual reports i think one of the characteristics the last few weeks has been a lot of single stock movement and also not a lot of follow-through. netflix really bad but then recovers at&t bounding today. so you see the ebb and flow in the reaction i think the bigger picture question is, the low volatility sideways churn, the market u underreacting or even if the bad news can't bring out the heavy selling pressure that this

market is in this kind of benign condition. >> and peter, is it under selling pressure, benign >> yeah, unbelievable resiliency especially when you look index . and so equity vol and credit involvemvo are completely dislocated. look at high yield cdx that was higher than it was. we are starting to see the begins of middle market defaults what is keeping the vol so low is the dominance of all the large tech companies which have prevented the dispersion that you need to get realized volatility and so our bet is on higher equity volatility as the

earnings season progresses >> do we figure anything out next week in the big picture with the big name it he can sttech stocks reporting every s&p sector is represented next week. >> yeah, you don't want them to pull a hammy but there is the risk of that as they fail to perform to spekts spexpectations and so it is a sign of fragility in my opinion. so there could be a clearing point. and the fed the week after.

i think that that is a nonevent actually >> and speaking of stocks that you don't want to see sprain an ankle and maybe one did this week, will stein, maybe that is tesla. how do we view this after earnings, the pullback we saw, stocks bouncing by 1.25% or so you did downgrade it today why? >> yeah, there is a change in outlook relative to the company's pricing strategy the company is taking an approach whereby they want to run the factories at approximately full utilization and they will price however they need to do ensure that they can continue to clear the inventory. and that suggests pressure for both revenue and margins that takes my evaluation down and hence the required downgrade >> even with their margins, obviously so much higher thanes others in this space that they compete with, you are worried about, you know, more drop in

margins and more price cuts too? >> yes and it is an incredible advantage for this company they have this operating margin padding that they can use as a weapon, if you will, relative to other companies. and i don't think that they are using this as a way to damage other traditional auto motive companies or some of the other electric vehicle companies they are doing it simply to run their strategy which is to continue to run the factories at nearly full utilization as they continue to add significant more capacity to have the cyber truck coming in later this year, they have supposedly the next again owing coming at the end of next year and so this is the strategy. they will lower price in order to do that >> what about momentum the stock had a ton of momentum going into the report. does the release slam the door on that? >> we think that the negative news, and this is more or less

told to us by elon musk on the earnings call, that the outlook the next few months or year, that we're head fod some tough times relative to demand and the only way that this company is going to allow demand to come in enough to allow them to continue to sell the inventory that they are manufacturing is to lower prices and there were no mixed words about this >> ai is a part of this too in the way that you are thinking about what the overall impact is as revenue goes towards ai at the expense of the core business, right? >> well, not exactly the way we look at it we tend to look at this as an ai asset primarily. no getting away from the fact that this is an automobile manufacturer but one of the main points we highlighted in our launch report that this is an ai technology

company, an underappreciated aspect of the business we don't see a shift, we see a change in the valuation of the core automotive business musk talked about in the earnings call. you can look at it as a razor blade model. sell the cars at an even model and enable us to sell autonomous technology to our customers. great for margins longer term, great to cash flows on the focus on ai and doing interesting things for this company, but it is a problem for the core. >> and i appreciate it, we go back to mike santoli, under two minutes in the trading week. so you did have tesla as the first big nasdaq test. failed it. >> i'd say netflix and tesla

both did actually have had verse responses there. for different reasons. but it is within a range netflix did not end up being a huge drag. the other ones, i think that obviously carry a lot more weight not just in the index, but because they are a little more macro tells. i don't know if tesla is really a macro tell yet so it is about -- look, if alphabet says something about demand more broadly, if microsoft will talk about what cdw had to say, i still think that it is mostly going to be roughly as expected. and aggregate expectations low enough but a bad earnings season pup you still look at 6% overall decline. the degree to which we can keep it manageable and not have it accelerate probably holds the key for a market that is on the headline level trading at 18 times earnings

>> data better today and yields are up >> and partly is the day it is coming in close in you have to expectations that nobody feels compelled to throw a lot of money behind or against what the markets are doing. >> dow will go out with a win. a modest one, but that is it have a great weekend, everybody. choppy day for stocks but managing to eek out a gain at the end of the day still lower on the week though and that is the scorecard on wall street. and the action just getting started this friday afternoon. welcome to closing bell overtime coming up on today's show, the ceo of copper miner will join us to break down the earnings report and to share his outlook on global growth. and plus we'll get you