know, your son is fine but he had a rock thrown ought him. >> we need ai to help us -- >> for that. happy fourth, by the way, everybody. i'll be back the week after. >> happy independence day. so important to recognize and celebrate. thank you for watching "power lunch." >> jon, thanks for being here. "closing bell" starts right now. kelly, thank you welcome to "closing bell." i'm scott wapner this hour begins with market moe money tell and why some people say it's just getting started as june comes to a close. bryn talkington sets us up with that dow and accept higher throughout it's the s&p's best month since january, dow since november. the nasdaq working on its best half of the year since '83

tesla hit another all-time high closing in once again on3 trillion in market cap we're going to see if it can get there and then close above it. it needs to close above it for the first time ever. we'll have "talk of the tape." let's ask bryn talkington here with me at post 9. good to see you. what's the story going to be for the second half? we've got a couple of days in the first. lot's game it out. >> there are going to be two parts. first of all, we're definitely seeing a catch-up in the cyclicals. talk about cruise lines, homebuilders they've done really well financials, small caps. >> energy. >> we'll get there i think that's the last three months of the year but the financials and small cap are having a really clear catch-up, and so i think as a trader, that's going to be the trade over the next few months the reason why is we're going to

continue to have inflation calming douchblt i think by the july cpi read, we'll have a 3 1/2 handle on cpi. all of the data says we're going into a recession l.e.i. or ppi or manufacturing, but maybe we're not. look at cruise lines. >> you said don't fight it from the beginning. you said it a million times. >> we were not in the camp of we're going into a recession we were in the camp of there's a wide range of outcomes in 2023 i think the history went back to the '80s that there were going to be cracks in the system i think as i reflect on the first six months, i never would have told you took is going to be up 35 -- the qs are up 35%, but that's where we are. i think you're going to continue the see tech dominate because we're still all abuzz about ai. >> so even though you seasick click calls picking up a little

bit of the weakness that they had, you still see tech dominating in the second half. >> i think on a relative basis over the next three months, i think you can see those small cap financials relatively outperform, but i don't think you're going to see tech fall off a ledge. what i do think is interesting and what you're going to have to see especially with the ai derivatives, we'll say, outside of nvidia, as q2 earnings come out, those earnings or the earnings guidance had better keep up with the multiples expansion. to me that's what will be interesting not from a broad tech but individual securities i think that's where you have to have a come to jesus -- >> let's see what megacaps pulls nvidia out of their cap. we have the multiple expansion that we've witnessed and the idea it can keep going in the second half. >> take that question and think about it for a second because

most of these big companies are spenders they're spenders they're buying the products from nvidia, which from my understanding, a lot of these products are 25 to 30 times more than they typically were because there's such a demachbld microsoft. microsoft is the benefit of openai i have that partnership. they're all spending sales scores is spending to create an ai narrative for their client that to me is where you want to see do these big companies come out and say, all of a sudden, poof, our earnings have been so exponentially gone higher? i think absolutely not because nvidia not only owns the shovels and the actx s of this hardware- >> full disclosure, that's your stock. you're in it, you love it, and you think -- it's up, i don't know, 130% year to date. valuation, you don't have a problem with it at all. >> if you ever had a problem with nvidia's valuation, you

would have never owned the stock. >> you have tesla stock too. >> remember i bought it at 120 and i have a -- >> if you see where it's at -- >> tesla is expensive. who am i to tell the market what to pay for these on a plan, they'll have a multiple china is a risk. it has to be a risk over the next few years if the u.s. gets into butting heads with china, that's the number two gdp company in the world that buys chips. >> don't fight the fed you said it a thousand times you've been the most vocal, certainly one of them on our program that has suggested that. are you fighting the fed now based on what they're saying

you don't care what they say the fed chair yesterday with sara over in portugal was more restriction is coming. you don't think they're restrictive enough bostic is on the table now he's a very much pause, pause, pause. >> i always care what the fed is doing, by the way. it's that to have an awareness as an asset allocator, what does the market care about and not try to fight those two you don't want to be dogmatic as an investor. you want to be pragmatic what chairman powell said yesterday also, because we're at the end, you have to calibrate more carefully because like tom cruise, like maverick, going from 9 gs to 10 gs, that's a big difference he's aware of the incremental hikes when you're up at 5 1/2 and going to 6, things can break. >> why does the market not care what the fed says? >> i think the market knows we're toward the end

if you look at the bond market, the 10-year is not even close to 4% so the short end is telling you rates are high, but the long end is telling you that rates are still low. >> stockmarket, i mean, just brushes it all off. >> yeah. >> does it continue that way is it just until it starts paying attention or is it just done with the fed? >> i think the market thought we would have more cracks in the system, and because the recession is getting pushed out further and further, then all of a sudden, hey, there's sunny skies, so the market has adapted to that, and that's where i think the value trade has to come back. ultimately as i said in the beginning, internal is the only ultimate value soft landing and that still has not come back and i think that's because of china. >> we'll get to that in a minute your darling trade, yo your backyard trade we'll get there. joe terranova is here as well. let's bring him in as well what do you make of what bryn suggested? tech's going to leave, but

you're going to get a catch-up from certain cyclical parts. >> so the favorite sectors are finally going to perform in 2023 because that's what it would be. you think about where we were coming into the year technology and ownership of technology was very low on the priority list. it was all about owning financials, health care, and energies so finally seeing that work halfway through 2023 or in the third calendar quarter of 2023, yeah, i would appreciate that. it would help out my portfolio, but i think it's clear i think the message has been sent 2023 is the year about technology. >> so it's going to continue to lead for the remainder of the year. >> technology on december 31st when we look back will have a significant outperformance relative to all the other sectors. >> is the rally itself going to continue to broaden out? other lagging cyclicals will do well or better, but it estill the game. >> an overall favorite market

environment will pull up all sectors. >> all sectors including energy >> the best thing you can say about energy right now is that it hasn't broken down. it hasn't broken below $65, and you have a lot of short positioning -- correct, oil, apologize for that -- is being built up right now as oil is vacillating on either side of $ $70, so it's definitely susce susceptible. >> what kind of oil do you think you need to own? if you think there's going to be a catch-up, what do you want to own? >> you could say, i don't own rig. once again, i think it's too risky. >> transocean. >> transocean, right i think what you want to do is -- we own -- it used to be

r.y.e. they're all going to move pretty much in the same direction the magnitude may be different i think hat's important with energy, i said at the beginning of the year, that has been my top sector for the past two years. this year it wasn't. i said i don't know how much capital appreciation you're going to get this year but this is going to be a wonderful year to start going back into energy because ultimately when china comes back -- and trust me -- xi will stimulate that economy that's what's holding energy down right now, and that's why hedge funds are short and it's significant to joe's point because china has been incredibly anemic. >> at what point did they say, i'm tired of the fixed income trade, i'm tired of sitting in 5% money markets and it's time to get more aggressive in the stockmarket. does that come at all and why would it >> it's occurring in every conversation i have with financial advisers for the

better part of the last six to eight weeks. the question is in the fall, we moved away from risk we moved away from equities. we moved toward mini market funds, and we're waiting for this pullback that hasn't come just yet in the third quarter, if there is the historical statistical weakness that is suggested, there's your opportunity because on the other side of that q4, the strength comes back once again, and it comes back very intensely to close out the year positive. >> can i say something on the money markets? i think broadly these statistics is missing where it came from. it didn't come from equities it came from bank deposits, and that will continue you'll continue to see a shift out of bank deposits which doesn't hurt jpmorgan or morgan

stanley into money markets not out of equities, and everyone got scared. they came out of bank deposits which are yielding -- >> people still see enough risk in the landscape whereas one person may say soft landing, another may say recession, which leads me to believe the money is nom going to come out of the bang and go into the stockmarket. >> baby boomers are retiring they're such a force of nature they spent the last 13 years having to have risk and owning 30% on their task. they're thrilled to have a 5% money market you're going to continue to see a lot of money not only because of the baby boomers but because of the money coming out of the -- >> somebody sent me an 'em, my money market that's at 5% will

soon be 5.5% even if the fed is done, we think they're going to raise at least one more time. let's say that's it. they're going to stay high for a while. rates remain elevated and ton markets remain elevated. >> that might be the challenge in the next 60 to 90 days or so, but, again for that argument to be correct, you have to assume that the nasdaq and the s&p and equities themselves developed fall apart because they're outperforming that 5.5% that you're getting in the money market fund. >> let's talk banks before we wrap up. banks are up because of test results. why do you think that's going to pick up in any way, shape, or form as long as you've got questions about the economy? >> i think it's purely just rotation i think it's hedge fund and al

go rhythmic rotation fin financials have not done well i think there's going to be a ton of dispersion. i still would not buy the regional banks you have m&t and others. you want to stay, go individual securities and say mid bank that could stay if you have an rpi cycle or green shoots, it's going to be a little bit. >> you're talking about banks. what are they offering savings accounts they're not going to be able to match the yield. i think banks are in an incredibly difficult environment, in particular as interest expenses continue to rise what have they done? they've brokered deposits. when you broker deposits, that's much different capital than a

sticky capital from a true customer base. your interest expenses are going to rise. remember, visa and mastercard are both members of the financial sector you begin there and turn back toward the capital market. >> some banks make hand over fist we just had three ipos today i'm not saying it's a mountain, but you've got to start somewhere, and there's apparently a thought. >> that's capital market strength. >> i'm talking capital markets, the goldman sachs is of the world and morgan stanley. >> i'm looking at -- i would look at private equity you want to look at the asset managers you want to look at the exchanges. you'll see fund flows back into equities once again.

i think that's the areas of the financial sector you want to look at. do i want to buy sydney bank no, i don't. i own bank of america. >> bryn makes the case for why you should own goldman. >> i want to own goldman because they're not a traditional bank >> they look at fees >> fees. i think goldman longer term is how you want to play the re-emergence of m & a, et cetera, but right now, we don't have much m & a. ftc won't let that happen with lina khan. also the ipoess coming out, they're profitable let's see what happens if openai doesn't ipo. that will tell you the market is bad. >> we'll make that the last word. let's get to our twitter question of the day.

we want to know which ai stock will have the best second half of the year. will it be nvidia, alphabet, microsoft, or broadcom you can head to @cnbcclosingbell to vote. we're just getting starteded up next. artificial intelligence star, ai, led by a brand-new investor. the company's ceo and co-founder mustafa suleyman is up next. he's with us next. we're live at the new york stock exchange you're watching "closing bell" on cnbc. the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com

inflection ai announcing it secured $1.3 billion in a new round led by microsoft and a new investor nvidia. joining me now, inflection ai ceo and co-founder mustafa suleyman back here on "closing bell." great to see you. >> great to see you. how's it been? >> great day for you obviously with this raise. tell us what that means. >> it's a fantastic day. it's a great honor and prifb ledge to be backed by some of the leading investors and technologies of the last couple of decades, and to be able to partner with microsoft and nvidia at the same time to deploy a new cluster, we have the largest cluster in the world and that gives us a huge edge.

it's a very exciting time. >> what does it value your company at >> well, you know, i think the potential upside is enormous you know, we are very, very excited about what this can do artificial intelligence is going to be the interface. i think it's going to/from personal computer to personal intelligence if anything i think in the long-term industries, currently underrating the impact of what it means to have intelligence on tap available to everybody, to turbo charge everything you're going to do. >> i want you to talk to me more about how nvidia got into the mix on this, because, you know, for is somebody who talks about ai stocks every day, which we do, it's no doubt the stock of the year certainly it's very near the top of the list if it's not the top of the list for obvious reasons. how did they get involved. how did your red sox w--

relationship with jensen get involved >> they're one of the leading ai companies out there. i've been friends with jensen for quite some time now. we've been cooking this up for some time. just last week we announced we have been collaborating on a new cluster that we jointly co-opty miezed to train some of the largest models in the world basically faster than anybody on the planet he's just an amazing partner. they're producing the best chips in the world today, so it's a huge honor that not only have they invested in us but partnered with what is going to be once we're operational the largest super computer in the world, and that's just an incredible opportunity to joinly produce that together. >> given your expertise and i'm sure you're asked all the time, you know, separate hype and

reality. what is pure overhype and spur speculation, what i can wrap my arms around. >> look around you today everything inure line of sight right now is the product of intelligence humans collectively, individually have created everything that you see around you, and so the potential to take what has made us special, our intelligence, and try to ultimate, that paralyze it, speed it up, and make it wisely available to billions of people on the planet, i think, is one f the most exciting missions we can possibly do. i think that's very reasonable for us to think over the next ten to 20 years this is going to be the greatest leap forward in productivity that our species has ever known, probably more so than the industrial revolution if it's anything like

electricity and you'll see it absolutely everywhere in every device on every platform in every part of your life, i think that if anything, we're understating the real potential of this new wave of ai in the next couple of decades. >> you know, we've been focussed so much on the co-pilot as spoeskt this, what it means from a consumer standpoint, you've been tweeting a lot about the dramatic implications and the technological advancements that are going to take place in health care. >> absolutely. this is going to touch every single industry imaginable wherever there's an opportunity to make something more efficient and cheaper, technology has always done that we'll accelerate the process of making things cheaper and easier to do. to do that it will spread technology far and wide, whether it's radiology scans every industry that has a process optimized is suddenly

going to have a tool to amplify everything you're doing, make it cheaper. that's the greatest productivity boost you can hope for. >> i'm wondering and others are too what the other part of this flip side of positivity is i want to read you a blog post from the staff of the ftc today as they sort of think about competitive concerns, and i'm going to quote from their report and i want your reaction to it if you would generative ai depends on a set of necessary inputs. if a single company or handful of firms control one or several of these essential inputs, they may be able to leverage that control to dampen or distort competition in generative ai markets and if general tiff ai becomes an increasingly critical tool, then those who control its

essential inputs could wield outsized influence over a significant swath of economic activity do you think that's true >> what's exciting about this coming wave of ai is even though it costs an enormous amount to deliver the very frontier -- so if you want to build the best models in the world, it's incredibly spencive. but on the plus side, it's an open source we've never seen before the models are getting cheaper to use, getting more efficient that means many, many developers, big and small, two people in their garage as well as big companies are all getting access to almost the cutting edge around about the same time and that's incredible for innovation >> is there a danger, though, in that open source danger that you speak so highly of >> i think that, you know, we have to be cautious because some

may be ashl to use these models and some will use it to pollute the water, so to speak it reduces the barrier to entry to people who want to do harm, but, of course, as i hope and as i see, it's going to reduce barrier to entry to people who really want to change the world for the better that's the incredible story we should be focused on and not overfixate on the existential outcomes people have been talking about in the past few months. >> remind us about your upcoming book "the coming wave. it's out on the 5th of november. go get a copy. >> congratulations >> thanks so much. great to see you thank you. take care. >> let's get a check of stocks to watch kristina partsinevelos is back

with that. >> those price increases help margins but also contributed to a 1% drop in volumes during the quarter. between today's drop and weakness across consumer staples this week, mccormick is headed for its worst week since may 2022 in honor hoff canada day this saturday, let's talk about black berry, that stock is up about 6% after surprising investors with a profit the top of the market smart maker -- i pulled out my old classic -- the ceo said the economy is hurting royalty revenue because it's now a cybersecurity company especially with issues in china. >> nice day for those shares. up next, we're trading the second half. we're back with "closing bell" after this a competitive advantage. ♪

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we have a tale of two markets to start the year. a sharp rebound in the trade and cyclicals falling behind how should investors be setting up for the second half let's talk with the cio here at post 9 nice to see you again. do we assume what worked in the first half is going to work in the second half? is that how you're approaching it >> no. it never works that way. the bond markets have been leading us more negative, and then equity markets seem to be a little more optimistic thinking we're going to keep the recession. >> good. that's why we have you here. tell us who's right. >> i think what it is, you know, we -- there's a theory about the

rolling recession. we're both right it's just that we're not going to have one big recession. the recession we started seeing from the end of last year seems to be coming through and we're now in the process of having the expansion component. i think what's interesting is if you look at the gdp, when you look at housing, consumer, everything points that the economy so resilient. >> you're describing what has been told to us in the last few days, what was a rolling recession has now become a rolling expansion. you believe in that. >> that's our likely scenario. there's a small probability that the leading indicators will be right when you think of the feds in the 1950s, we always end up in a recession so there has to be something different, which in our mind it has to be. >> are you insinuating then if you see a rolling expansion,

then that is the reason that you have a catch-up trade from some of the more cyclical sectors that underperformed in the first half >> and that's exactly the reason why we continue to think about these bar bell scenarios because they're basically the ones that are starting to look attractive for the second part of the year. >> what about technology you have the runaway winner the first half not a lot of people saw it coming ai seems to have changed the game in terms of the sector. does that continue >> the market -- we usually tend to think about four big drivers. the economy, earnings, sentiment, and valuation two of them, valuation and sentiment seem to be contradicting the trade. >> you think it's got toon expensive. >> it's gotten two expensive multiples are way too expensive and it's driven by sent meant. >> you don't think that can be sustained because you don't think earnings can live up to

it >> we need a little more breadth. what we have so far has been driven what we actually need to see is there are companies -- there's good free cash flow. the companies are successful it's not the same as pea think about the late '90s setup. it's very different in this case they're more sustainable however, we need to see a little more bread tot see the earnings growth so we can actually believe that trade -- >> my point lastly and briefly is that it has widened out a little bit it's not the so-called magnificent 7 and everything else you have had a market pickup and market breadth. >> not a lot i think to us that's -- i'd rather see the diversification go to other part fofs market. >> good to see you again omar aguilar, swab asset managementment. three big ipos, we bring you

the offerings right after the break. apple stock close in on the $3 trillion mark. it's yet again to close above that level by $1.40 or so give or take. we'll see what it does we have 25 minutes to go we're right back >> announcer: the bond report is brought to you by pimco. a global leader in asset fixed income sometimes you need a second opinion. [coughs] good to go. yeah, i think i'll get a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. no. i'm going to get a second opinion. with innovation refunds,

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20 minutes to go before the "closing bell. three companies making their public debut today bob pisani has been tracking all the action this is your kind of day. >> oh, boy, i can't tell you how happy i am we had mixed results there were three ipos. the clear winner by a long shot, savers value village it priced 22.3 million shares, 1 $18. it's holding up. kodiak gas services. it's a gas compression kpacompa. at $16 it's below the price talk. you can see that just a little bit below that opening price fidelis insurance, reinsurance provider as well they priced at $14 that, too, is below the price talk it opened at $13.10. you can see it's basically right

in that area savers value village was a hit because it ticked off an awful lot of boxes thrift is very cool with young people and there's a whole ecology angle with reusing old clothes and there's a recession angle too. the business is growing. it would grow even more if a recession occurred kodiak and fidelis both increased. it makes it understanding pricing was a little tougher here the simple fact, o scott, all three deals got done is important. that's what matters. it's a sign the ipo market is reopening after being closed for 18 months. with we've got to get away from the idea that people think suddenly if we price way above the range, it's a huge success, if we price below it, it's not a

success. it's an auction process. the important thing is the deals are getting done and we'll see if we get some more. i think we'll get more in july, which is traditionally a weak month for ipos i think people will be taking advantage of the climate. >> you've got to start somewhere. you've got the thaw. >> the question is what happens with the big guys that are out there with the reddits of the world. i don't know that this is necessarily going to change their mind, but as long as the market continues to hold up and interest rates hold up i think there's a good chance we'll see some action. >> good stuff. the last chance to weigh in on the twitter question which will have the stecbe sond half of the year nvidia, alphabet, microsoft, or broadcom the results after the break.

twitter question result. which ai stock will have the best second half of the year all right. nvidia that's your vote 38%. up next, nike, the numbers hitting the tape in a few minutes. a shareholder is going to weigh in with what he's watching when we take you inside the "market zone."

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the crucial moments of the trading day and steve kovach apple approaching $3 trillion in market cap we'll see if we they can get there. we'll see joe terranova with nike mike santoli, we begin with you. the trend has been your friend. >> yes. >> as we wind down. >> i think you can fall back on the idea that the trend, even if we get a more substantial pullback is friendly at this point. the issue that makes things tricky is saying the economy has a bit of momentum, recession seems far off, earnings are not collapsing, in fact, they're flattening out and rising thwart the end of the year, that seems like a maverick unpopular position a couple of months ago. it's now something closer, i think, to a well-embraced premise people have. i. not saying everyone tootoo bullish or bullish at all, but they're deferring to the market action we've gotten that. we have two weeks left in the seasonally strong phase of the market, even the one that dates

back to the midterm elections. so you start to lose that in mid july sentiments have neutralized. i think it's for somebody -- i've been pushing back against the scarier stories. you're left with the spot that, okay, they recognize it and how much more life is there in that dynamic of people buying that's the question. >> you said, too, the reluctance of large swaths of people still to join this party. >> it's not gone, but it is shorter. that's the way i would put it. >> steve kovach, we're about a dollar or so away interest $3 trillion in market cap with apple that hit another all time hie. >> 1$190.73. the story is the same one we were talking about since we were

coupe incupertino. we haven't seen apple close at that $3 trillion market cap. look, it's kind of interesting we're having this conversation because this is actually likely going to be a down year for apple. the last two quarters we've reported, we've seen revenue down 3% to 5%. apple implied for the current quarter that's wrapping up tomorrow, revenue is down. it's hard to see the all-time highs keep ticking up despite a down year for apple. one reason behind that is over $2 billion, according to apple active installed devices out there, and that's 2 billion opportunities for apple to sell you more digital stuff so that is the real key behind the valuation, scott. >> as we ramp up to the fall quarter with the release of the new iphone

>> the new iphone cycle will come mid-september we know demand for smartphones and other consumer electronics especially the mack bones have been falling off a cliff this year, hence the lower sales. it's going to be a challenge you're going to have to really impress with the iphone 15 in order to have a second better half of the year. >> let's talk nike, joe terranova. the stock has been disappointing. >> 2022 as well. it's only up 20% while google is up 31% i think when i talked nike on "halftime" the last several weeks, i've been very, very negative and cautious, they have a low bar to step over we know all the negatives and

foot locker kind of cleared the path in terms of negativity in may and that's when the stock fell nike went down to 102 at the beginning of june. you had a lot of analysts come out and lower price targets. jpmorgan and deutsche bank, they've all come out and done that inventory, lack of asset price growth, i wouldn't be surprised to see them with a low bar receipt. >> we don't know how long some of the negatives are going to last, ie, china, and what that is going to mean as it gets pushed out potentially further and further, it has a potentially negative impact on the stock. >> i think china is the one that comes back the quickest. i'm not just sure the discounting and reduction of inventory, when they'll be able to resolve that. again, i wonder how much of what is going on with nike since the middle of may is really a reflex reaction to what happened with

foot locker. you know, obviously the leading retailer of nike and foot wear. >> the other thing we've been talking with nike is what was a democrat dra matic move, not that it's ending, but it's sort of morphing back to in some ways, you know, to how it was with some of these partnerships. >> it is it is. but it's slow. it's a slow moving -- look right now if you want the momentum forecast you want the growth, you're going to get that at lululemon you can best hope for and what i'm hoping for is as a nike shareholder is you just don't see any more negative news to introduce to take the stock back to the june lows of 103. >> we'll see what they're doing on a retail landscape. we'll be paying close attention to nike in overtime with morgan and john thank you. with that, we turn our attention back to the broad

market as we wind down what's been a really stellar month for stocks. >> for sure. and the month delivered what people were begging for as we've been talking about, which is a little bit more of an inclusive rally. i do think you have to notice what's going on with bonds in reaction to the hotter than expected economic numbers. so we're going to close the 10-year right at 385 that's the ceiling of the range we've been in for a little while. there are things that may be perking up and changing about the environment. but banks, i d think there was a bit of a lifting of the overhang i would haven't thought they were depressed for that reason they are releasing to the upside they have a play on the better economy and a longer runway before recession so i think things are working okay you have 2-1 positive. i keep going back to the idea of how much of that reservoir of worry have we burned up to this point.

i don't nona's too clear going into the next month. >> you've got your soft landing with financials, energy, materials. those are the three best performing sectors. >> yeah. and, you know, consumer cyclicals are an interesting place to watch as we've been saying, other services have been good things like autos and core retail not as much. so they're trying at this point to participate as well. >> we had the two-minute warning. how close are we going to be watching treasuries? over the month of july, how much do you think that's going to dictate more than anything else whether this rally can continue or whether the trend gets snapped? maybe a lot of it is positioning flush. we'll see if it's something to be concerned about or acts as a source of releechlt after tomorrow and we get to the

quarter end stuff, we'll see what the trend is. right now we benefit from range bound yield. it's been kind of neutral. you have to take notice that mortgage rates went above 7% as of today with this move in the 10-year. so there definitely is a push/pull. >> i can't wait to get into earnings, which we're going to be talking about fast and furious pretty soon. >> it's a couple of weeks. between here and mid-july, we're going to be a little bit on our own in terms of positioning land, seasonal strength, a bit of an air porkt. after inflation, fed's still weeks away. >> we certainly want to single out rich rapetto. he's been on here for years talking about business he's the ceo of ice.

he's retiring today after 25 years on wall street he's a heck of a good guy and we wish him the very best in his retirement that does it for us. let's send it to john and morgan in o.t >> overtime. i'm jon fortt. morgan brennan is live in new mexico she's going to talk exclusively with galactic ceo michael colglazier later in the show nike is gearing up earnings results. we're going to bring you the numbers as soon as they cross. let's get to our guest