>> the win streak has been 13 tenuous. >> doesn't look like it. real estate is the second biggest lager. of course, they're very sensitive to interest rates. thank you for watching "power lunch. >> "closing bell" is here. guys, thanks so much welcome to "closing bell." i'm scott wapner live at post 9. big interview a held goldman's jan hatzius. they say the fed is done we'll talk to him in a few about that call. in the meantime, this make or break hour begins with the dow's historic run the index trying for its 14th straight day of gains. something it hasn't done in more than 120 years underscoring just how this rally has broadened out. you can see this late day fade is putting all of that in jeopardy here's your scorecard with 60 minutes to go in regulation.

amgen, boeing, salesforce, caterpillar had been leading the dow higher they're still in the green the index itself rolling over a bit. technology getting a big lift today from meta on the back of the blowout earnings interest rates are moving modestly higher. maybe that's part of the reason why you've had this late-day fade the 10-year moving up. gdp slowing and the fed chair left the door open for another rate hike at some point in the cycle. takes us to this talk of the tape, the march to the new highs. let's ask dan greenhouse welcome back. >> good to see you. >> are we on the march to new highs? >> i went back and took a look the last time the dow went up 14 days in a row the market went up for the next 120 years i think we're really setting up for a breakout to the up side. >> 1897 is when you're calling

that out this fade, what are you seeing what do we have to keep an eye of on >> i think people have a misconception on what rates mean pre2000. forecast equities in particular because rates were more linked to the inflation landscape what you've seen post 2000, i think increasingly what you're seeing now, is rates are going up for the right reason be the stock market has gone up. >> soft landing camp now is that a base case after

thinking historically when the fed does what it's done and has done, it gets a recession, yield curve inverted, lei, leading economic indicators all pointing in that direction? >> i was one of the charter members of this group that said when the fed does this sort of thing, negative economic outcomes are almost always the outcome you should bet on. i think what's become clear is that this environment is different. the fiscal deficit is currently 8% of gdp. the strength and the relative high level of inflation has really complicated this environment. so i think a lot of the observations that that camp makes in which i once was a charter member, i think still holds. you also have the, to borrow a phrase, be tactical. in the last six months it's been clear. the economy and corporate back

drop is on balance >> many of the bears have been very much wed to their views you've seen some capitulation for some not that mike wilson is bullish at morgan stanley but nonetheless says we're wrong in thinking earnings were going to roll over. didn't see the ai thing coming, not that anybody did to the degree at which we've seen it. are you saying now you are in the soft landing camp? >> i don't want to go that far. >> my market religious journey was gradual. far be it for me for someone capitulating later am i in the soft lane in camp? listen, the odds are higher today that there will be a soft landing and they can pull this off than they were three or six

months ago or even nine months ago. getting back to the point, you brought up the yield curve and leading economic indicators. those forward looking indicators have worked for decades. the current environment more complicated and by extension different than what we've seen historically, you have to have some hesitancy on the idea those were going to work. >> i was out in la at double line with jeffrey dunlop they suggest a recession is coming they'd rather own treasuries than stocks. i think rates have peaked, he said i'm completely comfortable owning treasuries. he thinks we're going to have a recession. listen to gunlock. >> first rate cut will come next year, i think we'll get it i think it will be encouraged by a drop in -- ultimately a drop in 2-year yields and i think the steepening yield curve and the

lower inflation rate is a big part of that i think we're going to see 2% inflation. >> should you be more comfortable as well owning treasuries to stocks >> well, listen, i mean, if you're going to switch out of stocks, the return profiles are entirely different certainly you can build a functioning diversified portfolio with 5 or 6% paper at its core and then build around it with high yield bonds, corporate bonds and equities to try to get an attractive return stream with a lower level of volatility for sure, 5.5, 6% gives you that volatility. at the end of the day over the long term equities are 7 to 10% return vehicle. >> the whole issue over the last year was the risk/reward was poor in stocks. >> yes. >> and it was better in either treasuries or, you know, cash alternatives, whatever, money markets, et cetera >> sure. >> now the question is whether that dynamic has changed, right? we've seen a rally to the

magnitude we've had. we're now moving closer to what we think could be a soft landing. has the dynamic changed? >> certainly this phrase is getting a lot more attention lately but it is true. it does always look like a soft landing before a hard landing. you have to be very careful here as an investor in any asset class not to be fooled i can go back to 2007. there was no forward looking advice by the stock market so to speak. from a retail investor, lack of a better word, if you're trying to invest over a 5, 10, 15 year time horizon, you can invest in 5.5% paper for 3, 6, 9, 12 months, that's incred deb bring attractive. >> let's bring in stephanie link of hightower, joe teaaranova.

stef, are we on track for new highs sometime in the next few months we're really not that far away at all on the s&p 500. >> i think it's entirely possible, scott. we've been talking about how we are in the soft landing. there's no disputing it at this moment in time does that change in six to eight to ten months from now i don't know we still have to wait and see what all of these hikes will do for growth for now the economy can handle it we saw an acceleration in gdp. 2% in the first quarter, durable goods at 4.7% and new orders rose in every component. at the same time the core deflator fell to 3.8% from 4.9% sequentially that's good. initial claims the four-week moving average 293,000 far away from any recession numbers. so when you add it all up, this is actually translating into better earnings. 44% of the companies have reported so far. 80% are beating.

15% are missing. so we'll have to keep an eye on it we have a long way to go on earnings it is broadening out for example, i know we talk about technology and the earnings have been good, but the industrials earnings on average are up 7%. the bank's earnings are up 19% financials in general are up 10%. you are seeing this broadening and numbers are actually going higher overall we're seeing a 3% earnings growth for the s&p 500. so i think, you know, i've always learned that stocks follow profits profits are going higher not everywhere, but at least it's broadening out, which is very healthy. >> joe, the multiple on the s&p has obviously gotten to what some would suggest too rich for them the market's too expensive where it is relative to everything else how would you adjust that? >> in the near term the market is technically overbought. that's unequivocable in terms of earnings you have to exceed expectations.

look at chipotle, down 9%. it's very clear to me that while in the near term you have that technically overbought nature, what stephanie's underscoring is that we're going to come out of the earnings recession in 2022 i believe we came out of the hard landing where technology in 2022 was in a recession and the market discounted a lot of negativity that we're discussing here in 2023 already and i think on the other side of that, if you come out of the earnings recession, if you get the near-term correction and let's understand right now, when you take the correlation between price and the moving averages, the 50 day moving averages is 4.5% below 2.11% is below price on the other side of that potential correction, what you're going to see is a massive chase for performance. yes, by the end of the year, the s&p is going to take out the all-time high. it's going to be on the chase for performance. and if, in fact, there is an

economic recession or economic contraction, guess what? the federal reserve is going to cut rates. >> what if we don't get the recession you're calling for. >> what i'm saying is the market is technically overbought. to your question on valuation, yes, the valuation is rich and those conditions suggest to me that you could have a pull back. i'm he not calling for a pull back, i'm just telling you that's the environment >> and just to build off something else that stephanie said we're debating about this recession. the airlines, the ceo of american airlines said he doesn't see it sold out of demand pnc, a humongous bank, said we're not in any landing. >> visa, master card, american exp express. they all said something is going fine when you take the industrials,

verdev, things are going straight up for a number of reasons. take what's going on, take what the companies are saying about the consumer, then you layer in the manufacturing sector which is growing again perhaps and the builders and it's very difficult to make the case that there's going to be zblubl only if, stef, the biggest risk becomes a knead has its eye too much on lagging indicators, doesn't acknowledge enough that inflation has come down, is overly fixated on crushing the economy. it's already won they're not declaring victory any time soon. >> that's true i was encouraged that powell did at least acknowledge that the cpi print was encouraging and that the higher rates do have a lag effect so those are two pieces that i thought were important in his

commentary now he did say the cpi report was only one data point, so now of course everyone's talking about data dependence. we get a second quarter cpi, core pce tomorrow. we have two cpis and two nonfarm payrolls we'll have to see. we're not going to get to 2%, no way. i think we will continue to make progress maybe then they can assess the situation. it sounded like they were willing to do it they were going to go meeting by meeting. this is a fed that's been behind the whole time and i give them an a plus for may of 2020 for showe sure, the big bazooka. i give them a d in terms of training their accommodative structure. we'll have to see what happens, but i think that, you know, if we make progress on the inflation front, maybe they pause. that being said, we know rates are going to stay high for longer that's why we have to pay

attention to what companies are saying and that's exactly what dan said following pepsi, ge, coke, american express, slumberge. they're not seeing it, they're adapting to produce good results. >> i want to push back on the fed's already won line listen, the open commodity prices, it's not just oil, it's wheat, gasoline. the prices at the pump having a tremendous two-day move. the easy work is done. going and we've talked about this ad nauseam for a year going from 4 to 2 is a little bit harder you've got to give the fed a little bit of leeway here to say, okay, before we start popping the champaign, let's make sure we're on that final trajectory. >> even powell yesterday said we're not -- if we continue to raise rates until we get to 2%, this is paraphrasing in my

words, not his, the economy's going to get crushed you're not going to do that. >> i agree with that statement and it comes back to what stephanie is saying, leaving them up there. >> not adversarial anymore i think that's what's most important. if you look at the fed funds rail rate, it was negative 8%. it's positive 2.5% they've accomplished what they've needed to accomplish they're not raising rates 400 basis points like they did in 2022 if they're going to raise rates 25 basis points and skip the next meeting and raise another 25 basis points, that's not adversarial to risk assets. >> but they're not going to get on the aircraft carrier, stef, with a sign that says mission accomplished, but at some point they need to acknowledge the fact that inflation is on its way down and at some point they just need to be done and at some point they need to say as much they don't -- they don't need to continue to talk like they're

not looking at the right data. you know what, what are they talking about? >> well, they've been behind, as i mentioned, for so long they really have to your point, yeah, they are focusing on lagging indicators at least there was commentary that wasn't as hawkish as they have been. i think this is a slow moving fed and we have to focus on all of these data points that are going to come out within inflation, right i mean, i think tomorrow is really a big deal, guys, i really do. core pce, that comes in -- maybe it comes in at 4, 4.2% that's down from 4.6 making huge strides from the 6.6% highs. i just feel like we've got to take it. we have to take it one day at a time, one data point at a time that stinks being a long-term investor it gives you opportunities especially when i go back to earnings and the earnings are coming in better than expected.

>> yesterday jeffrey gundlach made a very compelling point in that you've seen a significant calming in the bond market in 2023 for us to believe we're going back to an environment of 2022, you have to see once again the return of that bond market volatility all you have to do is take the trading range from 2022, compare it to the trading range of 2023 and you'll see in most cases along the curve we're 40 to 50% lower in that volatility that's a calm environment. that's telling you 2022 is in the past. >> we'll see we have, what, 40 minutes or so to go before we can definitively say if the dow is going to get this 14th day in a row which it hasn't done in 20 years. it's off 170 thank you so much. dan, stef, thank you. we want to know the dow on the historic run, which stock are you most optimistic about for the rest of the year keep in mind what some of these

stocks have already done, right? apple up 50% keep that in consideration as you vote for what you're more optimistic about for the rest of the year is it microsoft, jpmorgan, or boeing head to @cnbc to vote. top stocks to watch as we head towards the close. kristina partsinevelos is here >> ebay having the worst day in a year overshadows a beat on revenue. they saw the gross value down 10%. quantumscape is moving in the opposite direction popping over 13% even though they have never owe fixly sold anything yet and reported a wider than expected loss it makes lithium level ev batteries. investors have focused on a launch of its first commercial product with a perspective customer in the auto center

keeping us guessing. there was some improvements in the manufacturing. that's why shares are popping. scott? >> kristina, thank you. meta is moving higher. we have the first take on the numbers next plus, apple and amazon, front and center next week with their own earnings that's when we come back live at the new york stock exchange watching "closing bell" on cnbc. from big cities, to small towns, and on main streets across the us, you'll find pnc bank. helping businesses both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's financial goals forward. pnc bank.

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back on "closing bell. meta shares hitting a new 52-week high after posting the

largest revenue growth sipsnce 2021 joining me is alex cancuwich nice to see you out in our bureau in san francisco. great to be back. >> great to be back here cramer was saying about meta, zuckerberg proving he can cut costs and monetize the business at the same time give us your thoughts. >> absolutely. mark zuckerberg saying it was going to be a year of efficiency was brilliant in two ways. he was going to work with less costs inside the business and play with their rules. the second thing it did, it told advertisers, we're in a new era and you need to make sure you're efficient, too you're efficient in your spending you might be wasting your money without being able to measure it without being able to measure it we get $1 in and we get $1 times x out. they know they can get results and they keep spending with

meta they have consolidated their spend. same thing with alphabet that's why both of the stocks and both companies have done well. >> alphabet hit a new high >> are you surprised at all how quickly mark and meta were able to turn the story around, that, you know, the stock bottomed last november so we're not even a year into this turn around if you want to call it that, but the stock is a double over the last six months. does any of that surprise you in any way? >> i'm definitely surprised. i'll even say that i was wrong last year i was saying it was going to be metaverse or bust for facebook they needed to make it work or they were in deep trouble. actually, what they did was they revitalized their core business. there was a moment they were shrinking users at least in north america. that's rebounded there was a minute they were shrinking their sales, their growth was down andthat's rebounded. it actually is quite impressive that they've been able to both return to growth on the user's side and the revenue growth.

11% growth not led by but the most important number there is the $10 billion run rate on reels. they've taken to the tiktok business model put their ad systems on top of it now a $10 billion new business very impressive. you have to hand it to them. the execution and rebound is impressive i'll admit it definitely caught me off guard. >> they beat on daus, daily actives, monthly actives, average revenue per user beat as well let's talk and you eluded to it, threads. is it a real, legitimate, lasting threat to twitter or not? even as we've seen engagement come down from where it was right out of the gate? >> yeah. it certainly felt like that out of the gate. it seemed like it had what it needed, a built-in interest graph and the backing of a company like meta. the fact you could go on there and it felt lively right away. part of the way you evaluate the social networks, you have to go by the vibes the vibes have tailed off on

threads, right it was so vibrant and so interesting at the beginning and now it just feels emptier than it did before. it has potential it has the backing of meta built off the back of instagram and the right algorithms and a good product team on it. i'm not willing to say it's a legitimate threat to twitter it's just not there yet. >> interesting let's turn our attention ahead to next week amazon and apple josh brown on halftime report said you can like the stock and be not like the setup, right of apple how do you assess apple? then we'll hit amazon quickly. >> yeah, the apple valuation is so high. it's held above $3 trillion. that's impressive. the sales growth has gone down in the past couple of quarters and probably will at this time the question for apple is going to be an endurance question. how long can it stay at this

level if sales continue to go down obviously it's a money printing business, mainstay, people hold it that's why it's been able to get to where it is but, again, if the feeling shifts a little bit, will it drop below that level? i think that's quite possible. >> look at that valuation for amazon 43.5, now 75 times stock is having a great run. a lot of optimism about what they're going to do when it comes to ai, including from you, right? you were at an event yesterday here in new york city, right, their summit >> that's right. i spoke with amazon's vp of product, matt wood he's on aws. he works on a.i. there i said, this is kind of a throw away question that they don't usually answer with specifics because of the setting up of expectations that they have to later match. how big can this be? he said he believes just the ai programs within aws itself can grow bigger than aws, the entire aws today. again, just the ai programs

within aws can be bigger than what aws is today. that's just an astounding proclamation and it's not one you make unless you have real hope in the business and you think it can grow to that level because ultimately people are going to hold you to that. you'll become accountable to it. if you can't meet those expectations, you're in trouble. they have a strategy under appreciated. they're not as flashy as the microsoft or open a.i., for instance, or facebook, right which has brought it out and made a lot of noise about it they have a pretty impressive underappreciated strategy. they'll get everybody's models baked into the technology. when you run the applications, you have to support them and pay for the computing. their services are positioned well to make the money from that i'm impressed. >> alex, thank you very much that's alex kantuwicz. on the road with the 14th straight day of gains. haven't done it in 20 years. then we blew a tire, not that

long ago either. dow is down 220. still some time to fight it out. 30 minutes or so up next, the road ahead for the fed and the economy. goldman sachs's chief economist, jan hatzius says the fed is done, hiking it is for now top chip analyst is here to count us down for chip maker intel. they'll tell "closing bell" right back.

rising modestly after the stronger than expected gdp report that's after the 25 basis point and we expect that to be the last one of the cycle. jan hatzius is joining us. fed's done, huh? >> i think probably. i certainly think that september is pretty unlikely even though chair powell was careful not to

say careful pace i wouldn't expect september hike november is a possibility. i do think that the economy is going to continue to grow and probably continue to outperform expectations, at least as the fed has laid them down in the summary of economic projections. but best guess is that this is it and we'll be at 5.25, 5.50 for a while. >> when are they going to cut them >> we have them cutting very, very gradually starting in the second quarter of next year. basically inflation continuing to come down economy still holding up but some concern about the real funds rate rising as inflation comes down that's debatable how much of a negative impulse that would be, but i think there would be some sentiment in the committee to ease very gradually. >> you're suggesting they cut not as a necessity because the economy has dictated that they must but because inflation's come in enough that they can

>> that's right. our forecast is no recession, growth, not too far from trend inflation continuing to come down as the remaining, you know, supply chain issues and rent inflation and the cpi and the remaining labor market imbalances gradually work themselves out. >> you've been sort of lessening your predictions for a recession to begin with and rather steadily now with the gdp report today, are you now firmly all the way in on soft or no landing >> we've been in the no recession camp all along we did take down the probability over the next 12 months further with 20% probability i would think of this as still a little bit elevated relative to your average cyclical situation, the average would be 15%, one recession every seven years or so, but i think we're moving in the direction where it's no longer at all elevated but at

the moment the labor market is still somewhat -- you know, somewhat tight and there's still some work to do. >> even though you think the fed is not going to have to continue to raise rates because inflation's coming in enough, are you worried at all that they're going to go too far, that they still don't in some people's minds get it and they're going to push it too far rather than just stop and see what happens >> well, i think they're going to be data dependent it's possible that they're making a move that ultimately they want to reverse i guess i don't view it as that dramatic when we're talking about 25 basis points, you know, on a six-week horizon or three-week horizon we were in a world they were going 75 basis points every six weeks so that's -- you know, now it's really morphine tuning. if they end up doing, you know, an extra 25 basis points that they shouldn't have done, i don't think it's the end of the world. >> have earnings surprised you even as, you know, less negative

you've been on the overall picture? >> they've held up pretty well surprising to you? >> they've held up pretty well and our portfolio strategist, david costin, who you know well, has been saying that second quarter earnings looked like they were probably not going to be as weak as the market and the consensus at least was projecting so in that sense, no. >> how sensitive do you feel the market still is to rates and what other central banks are doing? boj policy meeting is tomorrow the dow is down 250. rates are moving a little bit higher today the 10-year is back above 4% the relationship between the two and how sensitive equities are in yields. >> i still think that the u.s. monetary policy and the drivers of u.s. monetary policy, especially via inflation and economic overheating, that is an important driver of the equity market the boj obviously very important for some markets

u.s. equities probably a little bit less so. >> last question, the consumer one of the reasons, if not the principal reason why your probabilities have come down the way they have and many have been surprised at the resiliency of this economy the consumer, 2/3 of it, has held more than it wants. how long does that last? >> the consumer is holding better because real disposable income is growing pretty strongly up almost 4% year on year. that's a big shift from where we were 2022 where you have real disposable income declining. consumers having to dip into the excess data but, no, it's actually income growth that is supporting the consumer. and i expect that to last. >> appreciate you being here thanks for coming over in person >> good to be here. up next, tracking the biggest movers as we head into the close. kristina partsinevelos is back >> travel demand, is it up or

down two large companies are seeing conflicting trends i'll explain all of that next. this is ge vernova, helping generate and move the energy that our world needs. ♪ welcome to a new era of energy.

20 minutes to go kristina partsinevelos leading the stocks maybe some parts declining. >> we'll start with the

declining. southwest is firmly in negative territory down almost 10% as earnings come in below expectations they predict rising costs. the report is amplifying some concerns of slowing domestic air travel demand. international airlines aren't seeing the same trends that's not the case out on the ocean with cruise demands still booming. royal caribbean posted earnings per share 17% above wall street estimates with more growth expected this year the ceo saying, quote, another step -- a step change in booking volumes leading us to expect double digit net growth. carnival and caribbean growing. >> kristina, thank you. it's the last chance to weigh in on our twitter question we ask with the dow on this historic run, which stock in that index are you most optimistic about for the rest of the year is it microsoft, jpmorgan, apple or boeing? with that, closing bell on

twitter, think about the stocks that have rey aladhad huge gains, too, not just the ones you like the best. the results are after the break. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪

to the results of our twitter question which stock in the index are you most optimistic about for the rest of the year microsoft, jpmorgan, apple or boeing apple is already up 50%. nonetheless, it is still leading slightly ahead of microsoft. up next your earnings rundown. intel and ford are both on the 'll ll in o.t. wete you what to watch when those numbers hit we'll take you inside the market zone next.

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we're now at closing bell market zone. cnbc markets zone correspondent bob pisani is here to break down the crucial moments. stacy rascon looking ahead to intel. phil lebeau shares what to watch in ford's numbers. bob, we begin with you i've got rates pulled up here only because they ticked a little higher. maybe the stock market was unnerved a lot of focus on the boj. what are your thoughts >> some things happened at 1 p.m. that derailed this. we were hoping for 14 straight days for the dow. >> unlucky 13? >> you're right. let's put up the yields.

4% poor seven year auction. rick gave it a "d. the bank of japan, boj to discuss tweak to allow rates over 0.5% in the 10-year peter bufar has been over this all day. we moved over 4% on the 10-year. stocks moved to the down side rather decisively. we were at 4600 on the s&p 500 we moved almost 40 points since then, 50 points essentially straight down since those two headlines at 1:00. tech stocks especially to the down side here of course, the pain trade, that's the pain trade there. the pain trade would be rates rise because the market is positioned for stable rates and earnings to slowly start coming up second quarter so there's the pain trade. market got caught unaware by sudden move up in interest rates. >> it's been a broadening move we've talked about that. you can no longer -- if you're a bear, it's harder to make a

negative amount because it's a small stock. >> we've got the market broadening out this is a great move for the start of the third quarter july energy stocks up, material stocks up, health care stocks up market broadening out. because technology is so stretched, any sign interest rates are going to move up, we saw that xlk, the tech stock, move straight down the middle of the day. there's your weakness. i go back to the pain trade. good story for the market broadening out tough story for markets moving up. >> stacy rascon, intel i'm looking at a call of yours from april 3rd you upgraded it and you said we hate it but you said we think it's the right one it's why you're as good as you are in what you do the stock is up, what, 15% since that call. so what now? what are they going to deliver today? >> yeah. the quarter should be fine they already sort of softly positively said they're coming into the upper half of the

guidance the quarter should be okay i think there can be up side into the back half of the year it goes back to the april fall it's more of a pc channel normalization than anything else i think pcs, the end market shipments have bottomed. they're on a pre-covid trajectory at the peak they were over shipping the market by 25 or 30%. end of last year beginning this year they were under shipping by 20, 25%. as that normalizes through the end of the year, that can drive some up side to numbers. now will they get credit if it's just pcs i don't know people are going to be looking a the the trajectory of the data center especially given the hype of the a.i. and benefitting as much as people are in that people wonder what it might mean we'll see what that mix looks like overall, i think numbers can show positive signs. >> the question i've seen some speculating on today, at least trying to entertain themselves, is can intel, can they work, can

they compete in this new era of a.i. other players like nvidia have sucked all of the air out of the sports league. i'm thinking like broad com and those others how do you address that issue? >> they have a.i. broadex. they have a data center roadmap. it's been challenged they have other products they have a product called goudy and havana they are not viewed as having as much of a roadmap. a&b, people getting bolled up. who can be the second source supplier a and b are great if they have a roadmap with products, that intel is not perceived to have as much at this point. one reason at that it's not getting it even if you can argue in general if there is more compute, they sell compute they benefit at least peripherally from that. >> i mentioned the upgrade it's not exactly to buy or

anything like that it was only to market perform from basically out of the dumpster what has to happen for you to say, you know what, this stock's a buy? this stock is now a buy? what do you need to see? >> yeah. so the current situation, again, numbers, you can start to argue at least they can't get any worse so that is a start, right? they've given some more color around some of the cost savings. if they can get more up side to gross margins, that would be good ultimately they have to fix their competitive situation, right? they've got to reverse the share losses that we've been seeing. the market has to be comfortable for the whole transition it will not eat into the cpu and then clearly they have to fix the process roadmap and be able to demonstrate real leadership on that. it's still going to be a while it's a slog. they're doing the right things maybe it doesn't get any worse here it's going to be a ride until we know for sure whether this is

consistent. >> stacie rasgon, thank you. to phil lebeau, on ford, talking about stocks that really can't get out of their own way whether the news is good, bad, indifferent. the stock really doesn't do much, phil why? >> reporter: it hasn't done much in a while we're living in a world where people want to know when is the ev business going to grow? when you look at the things to watch from ford when the numbers come out in a few minutes, it will be primarily focused on the ev division. what are the losses there? have they grown? are they expected to come down what's going on with the f-150 demand for that. we had a report from dealers nobody is buying these that's why they cut the prices by up to $10,000 then you have q3 guidance. you put that altogether. that's going to be the primary focus. we know that the internal combustion engine business is strong we know that the commercial vehicle business is red hot. you know what, scott

that means butkis with investors. maybe it shouldn't it will be the ev business that is going to get the most attention once the numbers come out and then on the conference call which is at 5:00. >> stay with me for a second, phil i have bob pisani, as you know, here bob, to my point in six months ford's up less than 4% in a year it's up 4% it's not like the auto market has been weak. >> but phil's absolutely right this stock has done nothing for years and years. the preferreds, it's what you would call is a value trap in a certain way. investors haven't been able to pull anything out. it still doesn't seem to matter that much. believe me, when i talk to investors, i know so many people that have had ideas and faith in ford for years and years and years and they haven't been rewarded phil can address the reason why. the. >> phil, quickly maybe tomorrow turns it. we'll have to see what farleigh

says, jim farleigh, on the back of the numbers >> yeah. >> i think he's going to talk about how he's optimistic they are on the right path with electric vehicles. that optimism is great, scott. when you cut prices by 16%, that sends a clear signal to investors and that's what they're dealing with near term >> phil, thanks. we'll see what happens and i know we'll see you two-minute warning bob pisani we turned ourattention to another key inflation read tomorrow, don't we >> yeah. personal consumption expenditure. this is the preferred consumption method the jitteriness in rates we've been seeing all throughout the day. headline expected up 3%. it was 7% back in june of 2022 this is the headline number. if we get a print of 2, that may go a long way. it's calming this move up in it rates. we'll see. the core, which is what the fed looks at and is the preferred read, is 4.2%.

that was up 5.5% or so if you can get a 3 print on that again, that's a good thing at this point with the jitteriness in rates, we need a calmer print that's going to be the key. >> you want to look ahead to next week? we've had a good week for megacap for the most part. microsoft shares down. now we talk about apple and amazon. >> the key story here is that earnings for the second quarter generally have been better than expected the beats have been slightly stronger than expected and most importantly, q2, the second quarter is the trough for earnings q3 and q4 are higher they have not been coming down for months they have been coming down they haven't been in a long time there's the soft landing bottoms up guys say we want to see there's evidence before we cut our numbers dramatically hasn't happened. the numbers have held up that's the key story going into the second half of the year.

>> they're clapping and we're inching towards the close here not going to get 14, doesn't look like it on the dow. 13, we'll take it. longest streak since '87 morgan and jon, take it away you can't spell down without dao. >> oh, wow. >> that's relevant didn't get the 14 streak welcome to "closing bell" overtime winners i am jon fortt with morgan brennan. the dow snapped the 13 day win streak off more than 200 points. >> meanwhile, the busiest day of earnings season rolls on into overtime we've got results from intel, ford, roku, mondolese just to name a few we'll bring you the numbers as soon as they hit thees