opinion. >> the more you learn. >> i'm not putting up with pressure on avocado prices i'm keeping them down. >> got an opinion on this. the ottawa senators. ryan reynolds was going to buy them, but he can't bail them out. >> he's busy doing a lot of other stuff and doing well, including winning the stock draft on cnbc recently sports franchises going through the roof. >> thanks for your time today. it's been a pleasure. >> thanks for your time. >> "closing bell" starts right now. kelly, thank you so much will be to be"closing bell." i'm scott wapner charges against former president trump. you see the live shots from the justice department jack smith expected to make a statement any moment now we are going to go live to washington when that happens first though, take a look at where we stand here. just past 3:00 in the east, the s&p 500 trying to close above

4,300 for the first time since last august. it's about four or so points above that right now with the big question for investors right now, has the rally really ushered in a new bull market that's what the long followed definition would suggest are the bears still in control we'll ask that question to tom lee. he joins us right now. tom, welcome back. so we know we're 20% off of the lows the technical or follow definition of what a new bull market would look like, but are we really -- are we really in a new bull market given everything that we know, and in some cases, everything that we don't >> scott, you know, we think that the bull market did start in october every new bull market was always met with deep skepticism we know that happened in 2020, and we know that happened in 2009 when even as late as october of '09, people were

calling for new lows and pointed to the lack of earnings recovery, but i think a few things that viewers have to keep in mind is there's been eight months now of rising trend and the s&p's solidly above the 20-day, and now the 200-day average is rising again. there's been an expansion of breadth, and historically since 1900, so 125 years of data, earnings bottom 11 to 12 months after the market so i sense that the s&p earnings revisions will start to bottom in the next six months, and that will confirm that the bottom is october. >> you know, i guess the obvious comeback would be how can we possibly, you know, be in a new bull market when so many areas of the market are not that strong and i think we know exactly what we're talking about. you take out the magnificent seven, however you want to describe big cap tech plus others, it's not that pretty of a picture, tom how can we say we're in a new bull market when so much is not

participating in it? >> that's true, scott. if someone was an investor, they may not be feeling the same upside, but i think one thing that we point out to our clients is that the drags in the market this year have been the defensive sectors like utilities, health care staples that's really where you have breadth, and those are among the most expensive sectors so if someone was just looking at cyclical groups like tech, discretionary industrials, materials, they're actually meaningfully in a bull market because the participation of those groups is much greater, and i think from an index perspective, i know people try to discount the index, but keep in mind if you take the top 2 headqu2% of ompanies, they're often 35% of the market cap. in the u.s., that number is, like, 25%. so the u.s. isn't as

concentrated as other country indices, and in the u.s., we have had two quarters of consecutive quarterly gains now on track for the third it's never happened in the middle of a bear market. so i just think too many signs point to this being a bull market led by the large caps because there's drivers and now expansion of breadth is what we can expect moving forward. >> i think the opposite that some would suggest too few signs point to it, relative to the number of stocks that are actually in what you would even consider a bull market i mean, at what point i guess on that note, do some of these other areas -- let's just talk about them health care, down year to date, staples down year to date, energy down year to date, industrials barely higher year to date. utilities, down year to date at what point do some of the, you know, sectors that have lag need to catch up to the real winners? >> i think it's a great

question one, i would just really recommend the viewers not be overweight with these defensive groups, energy not being defensive, but the other ones are all defensive, and i think next week is a key moment because, you know, we have a fed that's been less hawkish, but not necessarily said they agree financial conditions should be easing, and paused singh next week is almost one of these big comeuppance moments because the fed essentially acknowledges there's progress on inflation. we have a june pause, and maybe even a july pause. i think it's going to be a green light for some of those groups to finally get a bid and i think, you know, it'll be led by groups easing in financial conditions that's industrial discretionary. it's not necessarily great for utilities or health care, but as you point out, discretion and industrials aren't up 12% year to date. they're up 5%, 6%, 7%. >> we have the shot up on the screen as you all can see what

our breaking news is we're waiting on the special prosecutor, jack smith to make a statement regarding the charges of the former president. we'll go live there. we have been given a two-minute warning. we expect that will take place momentarily. in fact, you see the special prosecutor and his team approaching the podium in which we're going to hear the charges and the counts against the former president, 37 counts in all. let's listen >> good afternoon. today an indictment was unsealed, charging donald j. trump with felony violations of our national security laws as well as participating in a conspiracy to obstruct justice this indictment was voted by a grand jury of citizens in the southern district of florida, and i invite everyone to read it in full to understand the scope, and the gravity of the crimes charged. the men and women of the united states intelligence community and our armed forces dedicate

their lives to protecting our nation and its people. our laws that protect national defense information are critical for the safety and security of the united states, and they must be enforced. violations of those laws put our country at risk. adherence to the rule of law is a bedrock principle of the department of justice, and our nation's commitment to the rule of law sets an example for the world. we have one set of laws in this country, and they apply to everyone applying those laws, collecting facts, that's what determines the outcome of an investigation. nothing more, and nothing less the prosecutors in my office are among the most talented and experienced in the department of justice. they have investigated this case

adhering to the highest ethical standards, and they will continue to do so as this case proceeds it's very important for me to note that the defendants in this case must be presumed innocent until proven guilty beyond a reasonable doubt in a court of law. to that end, my office will seek a speedy trial in this matter consistent with a public interest and the rights of the accused. we very much look forward to presenting our case to a jury of citizens in the southern district of florida. in conclusion, i would like to thank the dedicated public servants of the federal bureau of investigation with whom my office is conducting this investigation and who work tirelessly every day upholding the rule of law in our country i'm deeply proud to stand shoulder to shoulder with them thank you very much.

>> why did you decide to bring the case in florida? >> a brief statement there from special counsel jack smith commenting on the charges against the former president our eamon javers is watching this unfold. 37 charges in all. >> you can see the special counsel not taking any questions from the reporters in the room who certainly had some questions for him about the details here, but he's very much poutting thi in the context of the men and women of the armed services of the united states, underlying the gravity of what he sees as the underlying misconduct here suggesting that the former president of the united states put the nation's security at risk with his conduct here, and that's why he had to move forward with these charges the special counsel there saying we have one set of laws in this country, and that applies to everyone no matter who they are in this country, and you can see in this indictment which we have been going through over the past

hour or so, scott, the level of detail that we're now being provided in terms of what the documents were that the former president allegedly took to mar-a-lago and to new jersey with him they specify in this document the specific top secret items that the former president had in his possession including things like a document dated january, 2020 concerning military capabilities of a foreign country, a document dated march, 2020 concerning military operations against the united states, a document secret concerning nuclear weaponry of the united states. i mean, these are some of the most valuable military and intelligence secrets in the united states, and the former president had them in mar-a-lago and the indictment, they detail exactly the level of security and scrutiny that the former president had over those boxes of documents which were stored at one point a ballroom on the stage where events were held and people

presumably coming out of that ballroom all the time, and this is not a secure situation for those documents to be stored in, and then alleging as they go through the indictment about what appears to be according to the prosecutors, a willful pattern of trying to obscure exactly what he had, and exactly where all that information was being held, scott. so this is history here. we have never seen a former president subjected to federal charges, certainly not under the espionage act involving u.s. nuclear secrets, scott. >> complicated as well, eamon, by the fact that former president trump would like to be the president once again, and figures to be running a campaign when a lot of this may be in a courtroom. jack smith today saying that he's going to seek what he says is a speedy trial. >> right. >> do we have any indication when that mind commence? >> we don't. at this point, we have no idea the former president will appear before a magistrate judge next week and they'll begin the legal process on that, but we don't have any sense of when we could actually see a trial taking

place here a lot of people in this position, the former president is in now being indicted with an indictment like this, with the voluminous evidence that's now been laid out you would think would be looking for some kind of settlement. is there a plea bargain agreement to plea down some of the charges? the political element of this makes that tricky, right the former president is running, the campaign suggestingand tryim if hi pleads down, he's suggesting the department of justice was right here he has to continue to fight this for legal reasons. you could see a number of lawyers advising him, you know, see what you can do here to cut a deal those who things are at odds with each other, and the president -- the former president is in an entirely unique situation here with that, and we'll just have to see what he values more, this campaign or these legal negotiations. >> i appreciate it very much

>> no problem. back to our market conversation as we look at the s&p 500 at this moment we have about 45 minutes to go we're hanging on barely, tom lee, above 4,300 what would it mean do you think to the validity of this move if we were able to close above 4,300 on the s&p for the first time since last august >> scott, round numbers matter for a lot of folks especially just sort of thinking of psychology. so 4,300 is a big deal, and probably more important is 4350 because that was the august high, and so from those who are skeptical of this move, one thing for them to keep in mind is, you know, next week, given the short positioning, we know in both their futures, the south side strategists target prices, and if the fed does acknowledge a pause is justified, i just think that you are going to see

a lot more position squaring so that 4,300 supporting, we can make a move substantially higher so it's a big deal, scott. >> it's tricky though, tom with a fed meeting looming, a cpi report coming next week as well if this is, in fact, the beginning of a new bull market, it could prove perhaps to be the shortest lived one in some time if those are disappointing events as the market would take them >> scott, i think you're kind of right on i'm not sure -- if someone has been investing since october or steadily throughout the year, they're standing on some nice gains. if someone's trying to decide if they want to be buying stocks on friday ahead of the fed meeting, you're absolutely right. i mean, it might be prudent to wait until after june 14th that being said, i don't think the symmetry is actually that w re-enter a bear market

i think if the fed says they want to be hawkish and they talk about two more hikes, is that going to justify the s&p going back down to 3,500 i want to say nobody is going to want to sell the fang, and the pmis globally are bottoming and you want to say cyclical, and as i pointed out, anyone who's been overweight cyclical which is a goal market trade has done really well this year. so i think it is a timing question, but i don't think it means that we can be slipping back into a bear. >> let's bring in kevin gordon and victoria fernandez kevin, we'll begin with you. you're sitting right next to me. what do you make of what tom lee says it's the bull market for sure in his mind and it began awhile ago. >> i think you still have a long laundry list of things that have to be checked off. much like you were covering and you've all been comping all week which is, you know, lack of participation from small caps, the average stock cyclicals, and the list goes on so i think from that perspective, you know,

objectively, you're not really in a territory that would be consistent with what we've seen from prior bull markets. so in that aspect, you know, you're kind of making history either way it's either the longest bear market or the weakest start to a bull market we've seen eight months off the low, the fact that the banks are still down, and caps are down, and you're down in the russell 2,000, and new highs relative to new lows on a 52-week basis haven't gotten consistent in that double-digit territory for the broader market i would base it off of that. i don't think it's any precursor, you know, at least the mega-cap sort of nor rowness and leadership in the rally. i don't think that's the precursor for weakness if you start to see what we saw last friday and in the middle of this week when you get participation, that's much more favorable. you can get more constructive, but it's just not happening for the market. >> in light of that, it's counterpoint what's your counterpoint what kevin just said?

>> well, i mean, foremost, i think it would be at the core a bull market isn't defined by an advanced timeline or small caps. it's historically whether or not the index is advancing, and as you know, in 2009 after the march '09 lows, there were many people, and the vast majority of people argued against a new bull market starting because they said the banks were lagging and they pointed to the internet bubble so they didn't think tech could be the leadership, and they pointed to what they saw was a core prospect for investment expanding and a hostile government i think people build a case against a rising trend i think that that's probably the most important thing i would point out. the second is a lot of these things that i think are fair like the lack of participation can really change presif the fed

signals an increase. i can't say i know what the fed is going to say. if the fed says inflation is still a problem, i think it's going to create the bifer occasion, and it might feel like a two-stage market i think he's bringing up -- kevin's bringing up a fair point, but those historically aren't good arguments against a bull market. >> victoria, how do you see it sneer. >> yso i lean towards the bearis side on this because when i'm sitting down in front of my clients, i can say yes, we've seen positive things in the market just over the last week is when we've seen the breadth coming around like the russell 3,000 above their average up to 47%. that's great we like that, but you look at the factors that are still doing well in the market risk momentum factors are still lagging the quality factors which tells me that we're still a little uncertain as to what's going on, and you have to look at leading economic indicators down 13 months in a row, and

scott, the level of change that we have seen in the leis, we've never had that level of change without going into a recession we're just now hitting a time period after the first rate hike that you typically go into a recession, and there's a lot of these under the element kind of pieces that we're missing. we have the bank crisis earlier. we talked about commercial real estate what about private lending we've seen private lending increase significantly over the last month is that an area where we have to be concerned rising debt cost, the ill liquidity that's coming, and the sectors that do well during those time periods are the things that we're talking about that are lagging right now health care, staples, value names, and i think you can't have a confirmation bias as to whether you're a bull or a bear. you have to take it all in, but saying that, that doesn't mean if you are bearish, you're out of the market. we've never been out of the market even though we have a bearish view it depends on where you are within the market, and i think that's key >> kevin, you know, the issue is

there's a lot of uncertainty, obviously, and there's going to be the market's already up 20% off the low. by the time there is this alleged certainty, whatever bell rings that suggests it's here, the market may be even further down the tracks. >> meaning the recession itself or -- >> no. there's no more uncertainty, that we're certain we are in better times and we may not have a recession. this is, in fact, the beginning of a new bull market. >> in some ways, that extends kind of the timeline that you can be constructive. if you push back the recession, the only i think negative down the road is if you push back the start of the recession, you know, typically you see markets dive when recessions start, and, you know, as it pertains to the fed and the clarity around that, that would be a welcome sign if you get any indication from powell and other members, whether it's next week or following that that there is more clarity, that would be welcome. tame that you have more of a catchup from everything that's gotten beaten down up. again to the point of it's not

necessarily just concentrated leadership that's going to get you, you know, the reason to move lower, the best case that are scenario, the most benign is muddle through at the top end and give the rest of the market a chance to catch up a little bit. >> you heard tom still favor fang which has led the way, and i guess for obvious reasons. how do you feel about that space here is it time to take some gains or just continue to go with these stocks because you believe that fundamentally in what is a fairly uncertain world, you get at least a degree of certainty better balance sheets, better growth they're in the right, you know, where the action is so to speak. >> yeah. i think you need exposure to these names, right we' we're underweight those name, but you need exposure to them. you don't want to be out because of the momentum they have. >> i'm sorry to cut off. fur underweight those names, you're underperforming the market i think that's my point. >> yep >> at what point do you say, you

know what? this is where the action is going to be so where i was underweight, i'm going to go overweight or this thing is going to get a little bit further away from me while i'm still thinking that the more cyclical or value part of my portfolio won't come around like i thought it might >> i think that's why at least in our portfolios, you have risk parameters around how far you want to make that bet in these names. so we've actually added a little bit in some of these tech names because we don't want to be too far underweight, but we're not sure we want to be exactly market neutral or even overweight because we do feel like there's going to be this rotation and some of the high fliers are going to pull back a little bit where we've added and where we're not underweight, look at n names like salesforce. we've added to salesforce this past week. that's a much more reasonable valuation than some of the other names in the space you can still add to tech. you can still have the exposure to those big name, but find some other elements and better

valuation names that you can build that sector and have some exposure that i think will start to catch up a little bit with some of those names that have already made that big move >> you have been anything, kevin, for a while on the market you have been cautious for certain. most times that you have been here, whether last week was the start of the broadening out or not, it certainly got a little more broad than it had been. you start with small caps for example, and you saw what they have don'te, and when do you say it's time to be more positive? >> we got constructive at the october low when you did start to see the conditions you would want to see at the beginning of a bull market. it didn't sustain itself us being eight months off of the low, not seeing a breadth perspective when you get to this point, so we get more constructive if that was the case >> there are -- there are other areas of the market that have started to pick up which would suggest that what was a very top-heavy market isn't such anymore. >> yeah.

>> that would lead people to be more bullish than they have been. >> and i think that's what you want to see. so like whae were saying over te past week, you want to see those moves, but they have to sustain and carry forward. one move today doesn't change everything, but if you see these reversals and you kind of have everything going a back into just those handful to of names, i think that presents a problem. start to look for the sector we believe in, and that participation is broadening out because even in industrials for example, equal weight industrials relative to cap weight is doing really well. it's starting to show up in different parts of the market. i would be, you know, at least alert of that and aware of that, and, you know, take hold of it. >> kevin, thank you. victoria, thanks as well tom lee, we'll talk again soon appreciate you joining us. don't miss by the way, when tom joins our cnbc financial advisers sumtd mit next week. that's june 15th, and you can scan the qr code on your screen to register or visit

cnbcevents.com/financialadviser. we want to know what you think. is this really a bull market head to @cnbcclosingbell on twitter to vote. tom lee says yes what do you say? we'll share the results later on in the hour. we're just getting started though up next, the big risk for the banks. this sector outperforming this week, but a hit to their bottom line could be on the horizon we'll explain after this. and netflix moving higher as we move closer to the end of the session this friday. the data sending that stock higher and how it could impact the rest of the streaming space ahead. you're watching "closing bell" on cnbc. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery.

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bank stocks lower today. tracking for a fourth weekly gain in a row as the group bounces back from the regional bank route, but another wind could be coming for that so says leslie picker who's following the money for us, leslie >> hey, scott. that's right for awhile now, banks have been able to keep their deposit rates low even as the feds hiked interest rates take a look at the current gap between the fed fund's rate and the average deposit rate, nearly the biggest difference on record the gap gets even wider when you look at just brick and mortar banks as opposed to online banks with those institutions just paying a few basis points on savings. it's been this way for awhile, and companies have gotten used to the idea of cash, and keeping

funding costs low for the loans that they're making, but this dynamic is changing in ways that could dent banks' bottom lines executives speaking at conferences over the last few weeks indicating modest deposit declines, competition from money market funds and the deposit drain from quantitative tightening have been pulling cash out banks will have to pay customers more in a new note out yesterday, goldman sachs had the three firms that would see the biggest eps hit from expensive funding including u.s. bancorp, pnc, and citi >> they pay more for deposits and make less money. >> without a doubt, and i think it explains why there has been this malaise in terms of the bank stocks. it's not there's this crisis, but it's the wear and tear of higher funding costs it explains why the etf trades

underbook values we don't know if those will erode in the next quarter or not, but it shows you that people have a hard time seeing the way out of this fix, especially when you're talking about maybe the consumer starts to lose some steam as well, and you have credit costs going up so i get why there's this concern here, although i think that the slight reassurance that the very largest banks probably don't feel the need to add tons of deposits, right they've gotten -- they have been net beneficiaries here, and maybe they won't drive the competition, but it's the more sophisticated and mobile customers that are looking for ways to get elsewhere. >> leslie, credit cost is going up, and credit contracting in some regards, and may even further overhang of the economy. what the fed's road ahead is going to look like all this uncertainty is hanging over the banks >> oh, absolutely. all of that plays a role of course that affects loan demand, and the deposits in the system banks not only have they been able to keep their deposit rates

low and a lower interest rate environment in the past few years, but also they've benefitted for just the overall stimulus in the system that has really flushed the entire system with tons of deposits. those are starting to kind of taper off. those benefits are tapering off not just because of qt, or i issuance where people are buying into thats but also stimlaulants people kept those in their bank accounts. >> thank you next up, ev stocks charging higher today we'll tell you what's driving that move higher. and what could be next for the fed? where your next opportunity in the xed cofiinme market might be we're back on "closing bell" right after this

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let's get a check on some top stocks to walk seema mody is here with that

hi, seema. >> looet's start with adobe hitting its highest levels since 2022 the stocks are overweight and hikes are priced to over $525 a share. adobe is well positioned to benefit from early enterprise adoption of generative ai. else elsewhere, charge point and evgo follow ford's foot steps in adopting tesla's supercharger stations tesla shares are doubled this year and are tracking for an 11-day winning streak. look at 3m, a judge rejecting the efrtsforts to overturn. the company could minimize its legal liabilities. 3m saying it is considering an appeal, stock down about 1.2% in today's trade, down about 17% year to date, scott. >> seema, thank you very much.

up next, time to bid on buys steve albright is back, and he's breaking down his forecast for the fed where he sees opportunity as well. plus, target is tumbling again today. it's not all gloom and doom for the retail space we'll give you the details when "closing bell" comes right back. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists

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we're back the rally in stocks has gotten

nearly all the attention recently as the s&p 500 approaches a two-week high, but bond yields have been on the rise as well our next guest is talking about opportunity on the fixed income market it's nice to see you >> good to see you, scott. >> we start the show asking the question i get the technical definition of what the market considers a bull market to be. the bond market isn't exactly confirming this alleged equity new bull market, is it >> i mean, if you look at relative value, we haven't seen these type of levels going back to the global financial crisis, you know, right now you have discount dollar prices you have high yields yielding 8.5%, and corporates 5.5%. your total returns and we are looking for appreciation in yields, and it hasn't been better going back, you know, almost 14 years.

so there's definitely value in fixed income. >> i know you like high yield, and you say that the quality is the highest it's ever been the problem with that -- i hear you, of course, but what about the quality detieriorating if te quality does take a turn for the worse? >> that's something you have to be cognizant of. you have to look at our high yield holdings and we have been buying stuff yielding anywhere from 6.5% to 7.5%. it's all very good, solid businesses that we feel very, very comfortable with. you know, if we start to see the economy begin to tank and we see the fed shift, we'll look to take more risk, but right now those are pretty defensive positions. we also do that in bank loans. we're taking posturing and you can get a coupon, you know, around 8%. you can go into very high-quality names, icon, avlon,

hilton hotels, and those that don't need to have access financing in the near-term, those are strong fundamentals. those are great opportunities now, and if you say the market weakens, the faults are coming off a very low point that's one of the reasons why we think the fed can orchestrate a soft landing plus, high yield in loans, they're in much better shape than the last recessions people have turned out their debt leverage is down, and interest coverage is up, and as i mentioned, defaults are coming off a low point. throw in the consumer which, you know, five months ago, you know, he delinquencies are at 40-year lows coming from a much better point. not a bad time to get into the fixed income markets. >> quick -- sorry. quickly before i let you go, the fed, and i have had breaking news and i appreciate your understanding of that. is the fed done or not >> i think they'll probably skip they'll maybe do one more

25-basis point increase. if you look at what happened in australia and canada they skipped and had to raise rates again. they're near the end of the cycle. they'll probably pause and really take a hard look at the data, probably begin to cut sometime next year, and our base case is for a soft landing should be fixed income at current levels. >> we'll talk to you soon. appreciate it. last chance to weigh in on our twitter question we asked, is this really the start of a new bull market you can head to @cnbcclosingbell on twitter we'll bring you the results next. and a special programming note this weekend, across the networks of nbc news, we're shining a light on those who are inspiring america, people like lebron james, haeva longoria, a more that's saturday and sunday here is lester holt talking to actor gary siniese talking about

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power e*trade's easy-to-use tools 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. e*trade from morgan stanley. we're now in the "closing bell" market zone. mike santoli is here as always to break down these crucial moments of the trading day alec sherman with us on how netflix has cracked down on password sharing, paying off big time, and courtney reagan on why citi is getting cautious on target mike santoli, 304. it would be nice to get that first close above 4,300, wouldn't it? >> 4305 is the closing high.

got about half that in august. we're in the zone of maybe culminating this phase of this moch we've banished the idea that 4,200 was some kind of a rigid ceiling. that was the case as of a couple of weeks ago the weight of the evidence is definitely piling up on the side that this is a somewhat sustainable recovery, that we're in an uptrend, and if you want to declare a bull market, that's fine it's not a foolproof indicator, but it has put the odds in your favor. let's say 90% of the time they're going to be higher doesn't mean you race ahead. it's basically about where we are in the cycle and obviously in terms of the breadth of the market >> the bulls argue that, you know, technically we've gotten over some good hurdles. >> yep. >> things have broadened out much more substantially -- i don't know in the last week or so, to make them feel better

about where they are to be able to justify that as many as something to build on. >> exactly, and i think really more broadly you could say what does it mean right now to be fighting the tape and fighting the fed? last year fighting the fed meant being bullish and buying stocks and fighting the tape mental being bull skpiish and hoping we going to turn it around. maybe this year is different it seems like the fed does not have to kill the labor market to do its job it's about its destination that is at least benign or neutral from here, and the tape is improving again, it's not some kind of unanimous decision that we have off to the races here. we are certainly at these levels that seem like they could be a challenge to get through we have been overbought a little bit on the big cap indexes we've seen this burst of optimistic sentiment i don't think it's overdone, but it's definitely something to notice after so long when people were despondent. >> i've noticed -- speaking of noticing, netflix today, up

nearly 3%. what's happening here? >> so investors are excited that there's a new growth avenue from this password sharing crackdown that's finally going on in the united states. so netflix customers in this country have been receiving letters informing them that either they have to pay $7.99 per month if they want to keep sharing a pass order or the customers that have been mooching off of that free password for who knows how long need to pay for their own accounts, and there's third party data now out showing that the amount of new subscribers for netflix in this country is at an all-time high since this third party antenna has been recording data back in 2019. so think about the huge gains you saw in netflix over the ab pandemic even before that, we're seeing more subscriber ads in the past four days than at any point during the pandemic. that is good news for netflix. that's why you are seeing the shares pop. >> yeah, you know, a lot of talk

about all the other fang plus stocks not so much about this, though there should be. the stock's up 26% in a month. >> yes another big rebound move, of course keep in mind this was a $700 stock. it's also a whole lot smaller than those other franchises market cap-wise. >> sure. >> in terms of essentially redeeming the long-term hopes from way, way back that they could get scale and they could eventually get pricing and they could eventually essentially establish themselves as the indispensable hub of streaming entertainment, that's all basically in place so yeah. it's a bonus that they had these extra revenue screens and they had pricing power and they don't have to worry about the ancillary issues it's an expensive stock, but probably earning it. >> courtney reagan, citi's getting more on target which has had a rough go what's the latest now? >> yeah, absolutely. citi is looking and saying, look target's had a really good run since 2019 they've increased sales 40%.

we've heard from brian cornell with a lot of detail on this last earnings call and the one before that talking about these decelerating trends in sales and in traffic, and so citi is just saying, hey. they've put in their gains for now. we're going to downgrade the stock here to hold, and it's possible that a competitor like walmart is picking up some of the share. target did actually report negative digital sales two quarters in a row walmart is seeing an increase in their online sales it is possible that's part of the reason maybe they're pulling in some share, and i think it's also important to look at the macro economic conditions and know they favor a walmart over a target as we buy less discretionary items, less home, and less apparel and that's what target over indexs is compared to walmart where they have 55% of its mixed food. target has 55% of its mix discretionary. >> thank you just noticing that bio gen shares are halted. bertha coombs, what's happening here >> they have been halted all day

as an fda advisory board has been voting and deliberating whether to fully approve the company's alzheimer's drug, and fda advisers say the late stage trial verifies theclinical benefits of their drug this is biogen's alzheimer's treatment, and by unanimous vote of 6-0 they voted to fully approve. at this point, the drug had only had an accelerated approval, and medicare cms had said that in order for people to get covered under those conditions, they would have to be part of a trial. full approval now means that medicare will cover it, but with a caveat that doctors thereof register their patients. they're in the process of building a dash board where doctors will be able to register it cms director says it will not be onerous, but this is one of the things that the industry is

fighting against saying they don't think that there should be more hurdles for people in order to get these treatments. at this point we don't know when the stock is going to be open. >> we will watch that. i know you will for us bertha coombs, thank you very much we have about a minute left in the session. we'll see if we can get above that 4,300 level as the debate continues. maybe a technical bull market by some people's definitions. >> sure. >> the debate will rage as to whether it really is. >> it will it will continue it's always a retro active thing, but if that started, it's begun on some level, but the lack of drama in the market is a bullish thing. people point to volatility being around 14 as to somehow this indicts and means people are complacent that means the index itself has been calm and it's got traction. it's a lot of rotation as opposed to people leaving the market, and that means it's plus

or minus 4% in the less month. that's not crazy we'll see what cpi and the fed have to say about that next weekend. >> we'll find out as screams settle out as that bell rings. can we get over 4,300 by the time we settle out we shall see jon fortt and "overtime" right now. wall street, i'm jon fortt morgan brennan has the day off does this ai driven rally have echoes of the frenzy of the days of 2021 or are there different things driving the action? plus, the read on balance sheets from the fed we'll bring thaw breaking news as soon as we have it, and let's get straight to the market victoria greene from private wealth and the question now,