a global marketplace for ideas, goods, services, and opportunities. what's to watch is role that commerce and payments will play in this new "x" app. >> julia boorstin, thanks for joining us major averages are higher. i'll see everybody on "closing bell overtime. >> good to be with you >> you too >> thanks for watching close cl. i'm brian sullivan in for scott walker this make-or-break hour begins with a win streak that just won't quit the dow on track for its 11th higher day in a row. that is the longest substreak in six years, and we are closing in on the all-time record of 13 higher days in a row for the dow set all the way back in the halcion days of 1987 here's your scorecard. the most important hour of the trading day i'm told, the last, the dow up about 0.5%.

small caps didn't do anything to begin the year but slowly starting to perk colate up. our "talk of the tape. you have the fed decision on wednesday. you have a very busy earnings season can anything -- should all the bears, if there's any left, should they go in to hibernation? let's ask anastasia amoroso, i-cap's manager. >> good to see you >> dow 11 days what's happened? i don't understand what changed from two weeks ago >> that's the point. the technical point is still constructive for stocks meaning if we stay around these levels we'll continue to trade above moving averages and all the key cta commodity adviser thresholds, so there's no reason to sell. there's been a catalyst to sell.

when i think about this week, you know, we go into just a monster week for central banks we have the fed, the doj, we have the ecb if the fed does deliver the last rate hike, that's the thing for stocks if big tech earnings deliver this week, that's again supportive for what's been driving this market all year long in this case, not much as changed and it's a good thing. >> there's a lot to unpack let's go back to your first point, technicals and the ctas people are vaguely familiar with ctas explain who they are and why they matter so much particularly for short-term momentum. >> commodity trading advisers invest based on thresholds and chase trends when the trend is positive, there's no reason to sell so they stick with it if you think about them in particular, they were sort of the first part of the market that catalyzed this rally, you

know, back in -- even before april. the within was they are not very long stocks at all, but they were adding length, adding incremental data, exposure to the market as they did that, that kind of took us higher as long as they keep that and don't sell, that's not an incremental sell to the market and that's good. you can't solely rely on that one player in the market, but it's hedge funds, retail investors. i would tell you that everybody is sort of in this chasing mode. the animal spirits are back. the retail trader is back. back to sort of the 2020 levels, not quite there, but there's exuberance >> we talk about hawks and doves, talk about ctas i know a few of them they have the attention span of another bird, a pigeon, meaning they will turn quickly right now they're all buying stocks every day because these technical levels do you anticipate these levels will break through resistance or

whatever it might be the short-term momentum to continue but when it does turn, could they have the opposite effect? >> 100%. absolutely for now, as long as we hold above these key critical levels, there won't be a huge movement but there is a catalyst that requires a sell, then you could have some significant selling pressure come from this particular pocket of the market. >> how important is the federal reserve decision on wednesday? >> it's important, but i don't know that we're going to get any big, you know, surprises from that i think the fed is going to deliver the rate hikebecause they sort of said they would, and, you know, then they'll probably deliver a hold because they also have the sort of propensity to want to do that right now because of how much they hiked in a short period of time so i don't think we're going to the hear that much new information. >> you're supposed to ramp up the adrenaline and excitement. this is cnbc it's going to be the most important fed meeting ever

>> one thing fed chair powell may say is throwing back to the hawks, he may try to sound hawkish and say no cuts on the horizon, maybe there will be more hikes because he doesn't want the markets to price in rate cuts. for that reason, he may sound more hawkish >> at that point where the rate hike was mentioned >> a potential surprise is bank of japan nobody's talking about it, but the yield curve control is still there, 0.5%, but by the way, inflation in japan is 3.3%, well above target it's been there for over a year. to the extent that bank of japan surprises us to any extent with potentially widening the ban, that could have an effect on u.s. treasuries. >> lauren goodwin of new york life investments and shannon, a

cnbc contributor lauren, you've been listening. anything you agree with, disagree with? what is your take for clients right now? >> in our world, everybody is paying attention to the bank of japan not only for monetary policy -- >> we need to hang out with different people >> -- but u.s. loan rates. we had our midyear investor investor roundtable where we look at what's happening and agrees and disagrees the number one risk was not recession but u.s. loan rates changing factors the bank of japan would have meaningful influence over it the reason is that over the past several years long rates outside of the u.s. have been negative many countries, which improves demand for u.s. loan rates that's no longer the case in many countries the europe and -- >> germany most famously >> -- and may not be the case anymore in japan soon.

if interest rates were moving significantly higher because of a changing investment environment in the u.s., then rates can stay higher sustainably. if they're moving higher because of a strong falloff in demand, that's a more risky, more volatile situation >> shannon, i hear that and we can dive into bank of japan if we want, but i'm looking at a nasdaq qqq up 41% this year. globally, brazil, up 23% the nikkei up as well. mexico is outperforming the united states, at least the s&p. it's up 25% or so. this is like global stock market inflation. how much longer can it last? >> we have a significant amount of matchup that remains in the strong end of the curve. one of the things that investors were anticipating as we came into this year was there would be a reassessment of risk. if we saw movement out of cash

and short-term bonds, those would likely be balanced between equities and perhaps longer duration fixed income. there's a lot of firms including ours that are talking about potentially eleventhening in duration to lock in longer deals. but investors, whether you're talking retail or institutional investors, as well as what i would say are short-term traders, have really piled back into equities on the other side of this. i think one of the challenges right now from an investment perspective is just what you talked about in terms of the rapidity of the moves we've experienced this year. and coming on the back of continued margin compression there are a number of sectors and industries as well as geographically global markets that are very stretched from a valuation perspective. what is the catalyst for that valuation to be realized do we anticipate that we've already experienced an earnings trough or is there more pain yet to come many the second half of the year i think that's why you're seeing

such a wide disparity between strategists' expectations for the second half of the year, because it really hinges on the multiple expansion we've experienced being justified. i think this week will be pivotal trying to determine that >> to shannon's point, i would argue the multiple expansion has been justified because we have managed to avert a recession so far in 2023, whereas everybody was talking about a hard landing versus soft landing. and now people are saying soft >> or no landing. >> maybe that's the right conversation to bring back up. over the weekend, i noticed we're talking about growth reacceleration and what that might look like later this year or 2024. to shannon's point, consensus and earnings estimates for 2023 and 2024, they're starting to see upwards earnings revisions that also kind of brings me back

to some of the technology names that are going to report this week and, you know, yes, tech valuations may have gotten extended, but when you look at it in terms of price-to-earnings and growth and when you account for what is going to be a multiyear artificial intelligence growth story, those tech stocks are not trading expensively. i like that. >> something i add to this dynamic is one of the reasons why we have seen multiple expansion for the last nine months is because financial conditions have improved over the last nine months despite the fed hiking monetary conditions, financial conditions the way they work their way through the market, have actually been easing and the equity market -- >> what does that mean >> it means that market conditions and the rate at which companies are -- >> the motor oil of the stock market >> the regulators are having to absorb the higher costs has not been as profound it's one of the main reasons that bolsters the no-landing case, the idea that monetary conditions aren't tight enough yet to slow the economy.

the challenge i have with that story, at least in terms of a medium-term optimism for investors, is that if that's the case, then inflation is going to remain sticky and the fed will be more assertive. that's an environment where, in the next six, nine months, you may have a more challenging environment for equity markets than if we saw the economic activity slow down >> if you don't have to live anywhere, eat, or drive anywhere, inflation is great my point there is not to be cynical. it's i don't know what the federal reserve can do about housing costs. they're raising rates. but so far, no real debt in housing, at least not in some markets. i'm sure there are some until the country as well. energy costs kind of come back, but they're still higher than they were a couple years ago i just don't know when do we stop with the inflation conversation or do we never stop talking about it >> well, i think that we probably don't stop talking about it at least for the next several years, brian, because

we're facing some demographic challenges in terms of the labor market, the fact we had this explosion of liquidity that benefited consumer balance sheets, although we started to see the savings rates coming down we're seeing that rebound over the last couple months that margin of safety that everyone was talking about that would start to deteriorate for the u.s. contisumer has come to fruition we are seeing economic deterioration. i want to point that out with the talk about the landing, there's a lot of leading indicators in the u.s. economy that point towards a continued slowdown or contraction. for us, i think what we're watching in terms of that inflection point of whether we're coming out of the other side is the pace of economic deterioration. when that starts to stabilize, you're right, you'll see investors increasing their risk positions, allocating to equity. i think the last thing i would point out is that we're talking a lot about the markets that have done well in the first half

of this year a lot of that has been on a weaker dollar scenario going back to the initial question in terms of who's looking at currency markets, i think we all should be that weaker dollar scenario has longer life to it if that continues. >> i guess -- and anastasia and lauren, same question to both of you, which are earnings are key, and i get it we know it's like seven stocks have been driving the s&p 500. i don't know if any of those seven stocks cares what the u.s. consumer -- does microsoft care about the consumer does apple maybe with iphones? nvidia probably doesn't. does google maybe with advertising? i don't know if those companies have any connection anymore to the macro u.s. economy i don't know >> i think they do, brian. you mentioned the social media companies. you know, a lot of the analysts notes over the weekend going into the earnings for meta and snapchat and others, there's positive sentiment there

the reason is as long as the u.s. consumer is on solid footing, consumer confidence is rising -- >> snapchat is not moving the overall market. >> true, but meta does the fact that the consumer is strong and the online advertising market is picking up, and by the way the estimates for digital online benefits upgraded to 9.7% versus 7% year over year a bit ago, that follows through and that's beneficial for social media companies. then you're right, though, brian, if you talk about the microsofts of the world, yes, there's a consumer component, but there's an enterprise spend component. it's all one and the same. consumers are strong >> everybody is still on one side but marco from jpmorgan saying he's reiterating negative bias lauren, it's been positive so far. what if microsoft misses what if the guidance isn't good? it feels like the market could

be at a vulnerable moment. >> two really important things with respect to market vulnerability. first, i agree with your point one of the most common myths in the market is that the market tends to foresee -- or price in recession before it happens. that tends to communicate on the way out of recession, but heading into recession, until you see unemployment claims rising and earnings falling off, the market doesn't reflect that economic risk. so there is a risk to the market there's been a risk to the market this is where perhaps anastasia and i overlap a bit, while i have a more concerned economic outlook, we're holding by the skin of our teeth -- >> you were pretty sure. that's kind of your vibe insurance companies -- your job is to worry about 3% outcomes. >> exactly >> what if it gets killed by a hay beale? you have to worry. >> from an investment perspective, what we're seeing

is that eechb as though people have pushed their recession time line out further, i would argue a durable decrease in inflation has been improving investor sentiment. even if you expect a recession, as i do, at the end of the year, that's in some ways optimistic because it's a mild recession. there have been changes in the last couple years, higher quality, higher yield asset class, huge investments in infrastructureleveraging >> no landing, great for markets, bad for flying. shannon, before we go, you're in boston or massachusetts, right >> correct >> so i got to -- i heard about some guy i know ordered clam chowder to start the meal and then got a chili as his entree is that acceptable >> it's completely acceptable. clam chowder is an appetizer anytime here in boston

>> but chili as the entree can you go from -- i don't know. what doesn't seem good. >> it's surf and turf. surf and turf, brian >> i guess, yeah, the turf there you go thank you very much. i just -- folks, that should be our twitter poll. is it okay to eat a bowl of chili if you have clam chowder as your appetizer? i want to hear from you. here's the official question of the day. we want to know, will tech earnings derail the tech rally you can head to cnbcclosingbell on twitter or "x" or whatever it's called. we'll share later in the hour. kristina partsinevelos is here with stocks before the close. >> no clam chowder but chinese tech stocks rebounding today amid optimism china's government might be slowing down on its crackdown on the sector

here are the names in positive territory. the etf heads for its best day since only mid-may spotify is lower as the company hikes its prices of the premium subscriptions by one or two dollars a month depending on your plan. it comes ahead of their earnings report tomorrow morning. shares having their worst day since december, down over 5% brian? >> thank you very much we're just getting started on "closing bell." up next, the big return of ipos. your next guest is forecasting a comeback in the space. what that might mean nor the for the broader market

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all right. welcome back to "closing bell. so far this year has been a relatively tough year for investment banking if you can have a tough year, with a sharp decline in deal making and a largely frozen ipo pipeline. your next guest says there has been an uptick in the second quarter that could signal improving strength for the back half of the year the chairman oe chairman of the institutional clients group at citi joins what are some of these positive rumblings under the market hood? >> nice to see you too it's early days. the positive rumblings are you're seeing some ipos getting done we saw a very good one for a few, way oversubscribed, good investor demand. i think the reality is the investors are coming back, but the issuers are not yet really

fully decided to test the water. so the ipo market is still very, very dormant most of them have been corporate partners there will be more separation activity but what you're not seeing is what i would call is high-growth multiples of revenue, no earnings ipo that -- >> the mediterranean chipotle or whatever, that did pretty well >> it did very well. kava there was a recent one last week that did well. these are early, early signs from an ipo standpoint, but it's not yet turned into a flood. i think it's going to take a while. >> are there good companies waiting to go? >> there are a number of companies waiting on the sidelines. what they want is to ensure they have good investor demand and reasonable valuation i think what people are looking at is trying to get to valuations that are going to get great investor demand but also as you know, brian, the class of

'20 and '21, part of '22 was not a barn burner for ipos they traded down dramatically. i think people want to ensure good after-market performance and ensure their investor base is reasonably awarded and also their employees. employees have been waiting a long time for liquidity. >> does the ipo market matter for the overall stock market performance? if so, how much? >> i think it matters somewhat now. we're look today at markets that are getting close to their peak, so looking this morning, going back on historical numbers, the market has come back dramatically the nasdaq largely being driven by seven stocks. you've seen that i think the ipo market is one piece of it. it shows people are willing to take on new issues it's not the overall market, only one component, the other being m&a, starting to come back >> what do you mean the market close to its peak? on what level? >> looking at the numbers on the

nasdaq and the absolute numbers of where the indices are, they're getting close to where they were from a historic peak standpoint they're all 5%, 10%, depending on what you look like. again, these are indices when you peel it back, not everyone has been treated the same way, especially in the nasdaq >> really interesting stuff, especially the market peak commentary appreciate it. >> thank you >> good to meet you in person. >> nice to see you up next, your tech earnings playbook rick heitzmann is here he'll have names after the break. and tomorrow, don't miss "game plan," bringing together a bunch of cool people across sports, business, money. details, scan the qr code on your screen or visit cnbcevents.com/gameplan.

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technology trading higher today ahead of the busiest earnings week of the season. microsoft, alphabet, meta set to report this week your next guest is looking beyond the megacap earnings to determine the strength of the tech rally rick heitzmann, good to see you. who are you looking at >> the next level down, the pinterest, the snaps of the world. >> why why? >> enterprise is getting weaker. with all the cost cuts, enterprise sales cycles are elongating cfos are coming back and cutting costs. but the consumer remains strong. we're seeing it especially in travel and advertising they're performing in the short term. >> given the brouhaha around twitter and threads or "x" or whatever, forced to look at ad data from some of the companies. happy weekend. but i will say i saw some numbers on snapchat where their

ad traffic or revenue was up like 170%. >> people are -- >> snap was almost dead. >> they're still there they're catching a lot of revenue. if you want to -- you know, all the movie ads are movies are back, that's where you find people, back to school those ads are working. those ads, whether they're direct response ads or search or more broad case baste on snap, they're working and folks are buying them. >> now that twitter is private, unless they choose to reveal information, we're not going to know exactly what's going on there. >> you won't see ads coming out of twitter >> i think again, do we know that >> he said revenue is down, so we thoknow that. >> couldn't be a lower quality advertiser not general motors it could be a t-shirt company. >> and they're paying less your cyclicals are going down. but wheredoes general motors t go if they want to announce a

new electric vehicle they're going to other digital ad platforms, benefitting the pr pinterest and spotify. >> it's facebook and instagram >> you can only get certain roi there, which is why people with looking at that next level of place where you'll get a better return on your investment. >> does anybody advertise in the newspaper anymore? i don't want to sound like a relic. >> when is the last time you bought a newspaper >> in my industry, i subscribe to a lot of papers online and get magazines at home. i realized i wasn't reading them on my ipad if "road and track" is sitting in front of me -- i fly a lot, if it's in front of me on the plane. is it totally dead >> it's different. >> the media is important. trust in media, the news how are they going to survive? >> they're moving to digital "the new york times" has flourished in the digital age.

>> are they getting ads on the "new york times" website or subscription model >> both. they're playing with it. how does it work, what are people willing to pay to subscribe and without ads if you think about where spotify is or netflix is going how do you use the mixed media mod snell but there are still ads and people are getting direct response. >> you wonder what's the actual click-through rate on any internet ad? sometimes you accidentally click on something because you've hovered over it too long off topic. if you had to pick one companyeacompany' earnings this week, the most important. >> probably two. what's going on in consumer? and will that thesis play out? looking at pinterest, saying, is the consumer still strong, the titzers still strong, still driving return on investment this >> pinterest is pure consumer.

>> yes >> the intro, look past the bigger caps, i get that. aside from the metas and facebooks of the world, is google a tell for anything >> i wouldn't say google my second was microsoft. >> okay. >> on the enterprise side, are they in times of elongated sales cycles, can they bundle better, add teams to fight with zoom can they funnel some of their enterprise offering an get stronger in the enterprise in advance of some of the things on the consumer side with openai and the new actiactivision >> i ask people the last time they bought microsoft excel. when is the last time you bought windows? clearly something is happening because it tripled the value of microsoft. when you look at a company like

a microsoft, how much could ai -- they don't own but invested in, $10 billion, a lot of money, how much could that add to microsoft is ai overhyped? >> there are facets that are people are attaching ai to everything now is it able to do jobs that can create something that's differentiated and microsoft i think where they could be really impacted is on the consumer side and their ability to use openai and chatgpt and power their consumer side and powering other things that are interoperable to create something on the consumer side >> i tres is out in a couple days >> maybe next monday >> that's right. watching pinterest we have interest in pinterest. >> of course >> thank you appreciate it. later on, "last call," 7:00 p.m. eastern, we talk more about elon musk and the new "x" and

what is going within that guy. walter isaacson joins us i heard the anchor of that show is really good tune in just for that. up next, we are tracking the biggest movers as we head into the close. kristina partsinevelos is back >> the power of the fda drives one medical name higher and more renters means more money for

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welcome back to "closing bell." 22 minutes left until the closing bell kristina has a look at the key stock or stocks, dealer's choice >> it's always plural with me, many dr horton outperform at raymond james. analysts are citing what they see as an impressive rebound in home building margins in the company's earnings report last week shares are up around 2% right now. becton dickinson is at an all-time high as the fda allows it to bring its drug-infusion system back to the market. raymond james expects customers to gain confidence it's up almost 6% right now, trading around 280 bucks

brian? >> thank you very much all right. last chance to weigh in on our question of the day, not the chowderer/chili thing. will tech earnings derail the tech stock rally go to twitter. we'll inyothreltbrg u e sus after the break.y prtg n ka■

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will tech earnings derail the tech stock rally 59.4%, i'm going blind, said no. 40.8%, whatever the number is, said yes a lot saying yes but the majority saying no that means you're expecting good numbers. up next, we'll drill down on chevron. that stock is popping today. you have earnings and a big management change. more about that, energy, chevron all ahead, when we take you all ahead, when we take you inside "the market zone. ( ♪♪ ) ( sfx: people celebrating ) ( ♪♪ ) ( sfx: people celebrating ) that is next

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we'll break down the trading day. and rbc capital gives an outlook on chevron a major change, cfo retiring a new one coming in. and kristina partsinevelos as earnings after the bell. big lineup on "the market zone." before we get into more, how would you have answered the twitter poll will big tech earnings derail the big tech rally yes or no.

>> no. we stepped out of technology the earnings are at a premium. it's negative on the tech sector it's been negative so, you know, i don't necessarily think that a so-so earnings season the going to drag down technology >> is there one name you're more concerned about than others, like a microsoft that's the big one >> i think that is a big one there's a handful of big ones. let's face it here, brian. if people have done their homework and listened, earnings are a confirmation process it's what happened over the last three months it's history we need to look forward here hopefully for most people, earnings reporting season is confirmation of what people thought would happen in the last three months >> i think there's like 3,500, don't quote me, publicly traded companies that are not, like, penny stocks or super micro caps is it true is it possible

if it is, is it good that lite literally some matter and some don't? >> i think when the market -- when you're rising to a meaningful top, usually it's very narrow. the good thing is that over the last five or six weeks, the s&p 500 equal-weighted index has been in line to beating the s&p 500. so the broader market is a good thing. narrow markets typically mean you're approaching a top >> you get my broader point, scott, which is say i own like the russell 2000 etf or something like this and apple disappoints and the russell goes down what did apple have to do with it but we know that's what would happen. >> that would happen you have to think about -- when you think about etfs and the russell 2000, you have to shi small-cap stocks outperform early in a cycle halfway through a recession or

slowdown, that's when you look to buy russell 2000 and ride it for the first half of the cycle. you don't do that when the economy is still slowing down. we think there will be a recession. this is not the time to love the russell 2000 >> all right big week this week thanks for joining us. speaking of single stocks, oil company chevronclimbing today, preliminary second-quarter results, the ceo talked about chevron's performance on cnbc earlier today. >> we've got good business momentum and are delivering strong results in what's been a turbulent world. back to the pandemic, prices below zero, the war, prices above $100 we've acquired three companies over the last three years. and we still have the constant discussion about climate and esg. so it's a challenging environment. >> rbc analyst upgraded chevron to an outperform with a 180

target it's late where you are in the uk thanks for joining us. should we be concerned the cfo retiring are we concerned if we own chevron stock? >> thank you it wasn't a surprise this is a company where strategies are like mike mentioned. you have an orderly transition around march 2024 and an internal candidate is taking over as cfo. you may be concerned if you thought the strategy would change or shift, but [ inaudible ]. >> the stock is at 161 they've hat good numbers the stock hasn't moved a lot it's down from its highs about a year ago but well above where it

was prepandemic. we keep hearing the macro theme that energy, particularly royal and gas is, quote, ninvestable institution, pension funds, they're dumping it you obviously disagree energy is investable why hasn't chevron done better given the numbers? >> i think the environment has moderated somewhat you look at the environment in 2022, you know, oil prices were lower, gas prices lower, so in that context, i think the shares were about 240 obviously you could see the multiple creep up higher if concerns move away what we're looking for from these companies, they're mature businesses as long as you can compound over time, grow earnings, consolidate in the sector, which is a mature sector, i think the outlook for chevron over the medium and long term is constructive

>> the first time we'll bring in a "borat" reference. big kazakhstan project it's a huge deal how meaningful is the project to earnings that -- maybe not right now, five years out? >> yes so, this is the single biggest area of capital investment in the last few years you have two projects ongoing at the moment one is to extend the life of production, the second is to add another 150,000 a day. it's very meaningful lit probably be the third or second single source of earnings outside of innovative activity in the next few years. it's meaningful. it's encouraging to see their progress >> you like chevron. is there any other gas company you like more or as much as

chevron? >> our global top pick is shell. what you're seeing with the european majors, they've been on a bit of a journey the last two years, a lot of capital into low-carbon areas you've seen some course correction there ultimately, in a global sense, all these people are doing similar things shell stands out >> the newish ceo of shell, the guy seems to be laser focused on making money and avoiding projects that don't make money >> sounds like a sensible strategy, yeah >> kind of novel concept i guess in corporate america some areas of corporate america do things that make money, not lose money there you go thank you very much. we've got some semiconductor earnings that are out after the

bell it it's nxp find out if wall street thinks it will be a-okay. see what i did there, kristina partsinevelos? >> i see your subtleties >> you didn't like it. >> now we'll see best chipmaker, nxp, over 50% comes from the auto sector, that sector that's offset other things. the street is expecting high single-digit growth year over year but there are concerns about a slowdown coming to auto. today rosen bblatt downgraded i with weaker chinese numbers, leading me to my second theme. last year, china accounted for 36% of nxp's total revenue a slow recovery could slow to doesn't earnings there was a warning of a 10% drop in seams due to weak electronics sales, especially

from china that's why mizzou has a different rating reports today say apple expects iphone shipments to stay flat year over year will nxp say the same thing? investors will be looking to this for new trends. they're underperforming compared to taiwan semiconductor, the largest chip may rememberer in the world. but both, lots of concerns about china. >> taiwan semiconductor, tsm can you give your viewers insight? it's the largest chipmaker in the world. is it everybody else combined smaller than them? are they that meaningful >> of course all the electronics we need would essentially shut down. samsung would fill the void and intel but not to the same caliber talking about these

extremely advanced chips and the packaging, the advanced packaging, is a key success for tsm as well, so that's a differentiator compared to intel or the likes of samsung. >> when do we expect -- i don't want to put you on the spot. you don't have the calendar. but you are the honey badger of semiconductors you just do it what are the majority names? >> intel is this thursday. texas instruments is tomorrow. the concerns about the analog market, so that is a part where nxpi may not have as much exposure thursday, intel, it's a big conversation about whether they've finally hit the bottom, on this right trajectory, given all of the changes that gelsinger has done with cutting costs, focussing on the foundries in the united states, its separate foundry business. there's a lot of reasons intel

could step up to the market. we may not see that just within this latest quarter. there's a lot riding on these chip names given the run-up where a lot of the run-up as to d nvidia and the ai trend, which does not equate all chips. we have to remember that not all chips make ai advance chips. >> bapgnks do different stuff not all chips are created equal. some have ridges, ruffles. others, sour cream and onion not created equal. you're trying not to smile it's impossible. >> i'm always smiling. i like the dad joke, the puns. i'm all for it >> i am a dad. >> okay. >> dad joke. i scared this kid right here there we go. hey, guys. let's get a good -- wave,

everybody. here we go all right. a huge crowd i don't know if they could hear me heading into the close, the dow will make it 11 up sessions in a row. we are up 139 points nasdaq up 11 in a row. i'll see you tomorrow at 3:00. "overtime" starts now. the dow hitting a fresh 52-week high today major averages in the green. that is the scorecard. but the action is just getting started. welcome to "overtime." i'm morgan brennan with jon fortt. the dow closing higher fn the 11th straight day, the longest winning streak in more than six years. >> investors turning their attention to toward earnings from semiconductors, whirlpool, and cleveland-cliffs we'll break down the numbers when they hit the wires. an