real estate prices are rising builders are scaling down the size of new homes, in some cases by up to 10%. report from the real estate consulting found 1/through the homes are less than 2000 square feet. thank you for watching. "closing bell" starts right now. welcome to "closing bell", here at the new york stock exchange, this make or break hour begins with another rebound rally along with another round in the battle of tech versus energy. the big growth stocks under pressure with oil and gas and immersing price in a indecisive crucial inflation report. in a few minutes we will hear from roger altman with his forecast for cpi and what it could mean for the economy. first talk of the tape, will the cpi numbers confirm or

undermine the now popular soft lining economic story and what will it mean for the markets. here to help answer that is private wealth chief investment officer, cnbc contributor. so first on the action today, we were only down 3/4 percent but it is two days in a row where it seems like the expected august pullback is resuming. we had the big growth stocks of apple, microsoft and nvidia 10 or 11% below and the broader take is holding together okay. do you take heart in that or feel like it's noise or delusion? >> maybe a little bit of all of those. i feel like there has been a sense of somewhat capitulation in the middle of the day over the last couple days and i think that there continues to be a very strong underlying bullish sentiment which stems from the expectation we will see soft lining or none, we

have seen a lot of sectors from even soft landing over the couple weeks. the other thing is investors are trying to determine how much the cpi tomorrow but change the narrative and the thing is a lot of the increase in energy price for instance that we experienced are not showing up in this. i would say this print tomorrow will likely continue to be supportive of the fact that we are getting a soft landing or perhaps no landing rather than taking into account the challenges we have experienced. >> it would seem the numbers with the focus on the core we think there is more to go in terms of year-over-year impact based on what was happening a year ago. on the other hand with energy prices on the rise, energy stocks taking strength out of that, not just a fleeting lip and what the impact might be on long-term inflation expectations which are higher and the fact that bond yields are near the upper end of the

range. it complicates the narrative that we have goldilocks. a comfortable environment in the market can make headway from here. >> the last mile of inflation we have been talking about, expected to be wave driven, impacting services. if you start to anticipate not just disinflation but deflation in the underlining costs which is from a consumer confidence perspective on the other side of that if we say we could see acceleration in the prices for food and energy that is a headline problem now. so i think investors are not anticipating that the data will flow through so how is the fed going to react? when you talk about what happens over the next 6 to 9 months, what is not talked about enough in the marketplace is the fact that not only could we see a delay or cancellation or recession, but we could also

see rate cuts happening much later than what was anticipated in the middle of the year which has implications. in particular for growth stocks. >> implications for the cadence of rates and how far yields come down or whatever, on the other hand we had rate cuts priced in in the earlier part of this year, that's gone and the stock market will be okay with this. we look at the relationship between the stock market and today's level and ventilation, even though the fed's target 2% is not like the stock market waits until he gets bullish again. >> there is also a perception 2% is not the hurdle. if you anticipate they will get comfortable around 2.5% and again is not just the terminal or target level inflation, between where the rates sit and when inflation is, what the spreadsheet should be overtime it is not as wide as it will be

now. i think the idea that we are going into this seasonally weak period and coming off a earnings season better than expected and has provided this nice lift in foundation for the rally. we are going into a much more difficult time so every piece of data will be influential. but i think again there is a underlying sentiment that people want to be bullish because the economic story is better than expected. >> that is true and that's the dynamic which we have been feeding off for a couple months. requisite capital management and welcome to you both. peter i would love for you to weigh in. i know you are a little bit of a dissenter from the soft landing consensus to some degree. are we observing longer lags between what the fed has done and what the economy registers or is something else going on?

>> i'm one of the few non- defectors from the recession camp. i do believe history makes a strong case for recession and i believe long and variable lags are variable for the reason that there are other dynamics and factors affecting how long tight policy impacts the economy and asset markets. in this case one of the things we likely underestimated in calling for the recession earlier was the wealth effect. over $10 trillion in household equity now and that is i believe a all-time high. the wealth effect, albeit drying out eight or 9%, the wealth effect gives people confidence to continue spending. in addition the direct stimulus in the balance in checking

accounts, healing balance sheets oddly enough even during relatively high unemployment and scores went up and we see that in credit card spending. the most recent new york fed report shows the liquid sees on credit cards are rising and the consumer starting to struggle more and more. >> that is true, although i know you were looking at the numbers as well on the credit conditions or consumer credit. aren't they just normalizing? everything on a long-term chart, especially the debt service cost, it's not necessarily at a point where you say we are maxed out with trouble ahead. how are you thinking about it? >> right now in the report this week 30 day delinquencies which is what i watch because 30 day credit card delinquencies can go 60 to 90. one year ago we were at 4% which is not even on the charts, but we have you know gone up to

almost 8%. yes you are correct, 8% 30 day delinquency is somewhat normalizing with the rate of change to me it is relevant. if a consumer is so strong and we understand the data on jobs, but if the consumer is so strong why are we having 30 day delicacies? i do think, i am pragmatic, long-term always long-term on america, but peter brings up the physically accurate information. this variable lags is important and if you look in the debt market, what's happening with downgrades in the range, they are moving up with the same rate of change as 30 day delinquency. so i think everyone, the drumbeats of the soft landing is statistically correct, i think intellectually they are potentially starting to become dishonest because i see the

cracks occurring. that being said, i think this week the cpi number will be the story of the week and there is a wide range of outcomes depending on .2 or .4, .4 is with the cleveland fed says. .4 would be bad, .2 is the goldilocks and back on track. >> is the soft landing premise, we will wear out the term, but you know what we mean. the economy decelerates but does not tip into contraction and that's what we have for the moment. it does not necessarily mean that the consumer is superstrong. it means the consumer is hanging in there. going sideways, looking at the market action, to bring it back to the stock market metabolizing, downside s&p, nvidia, broad calm, tesla, microsoft and meta. they were up, they probably

overshot. they have valuation correction. the upset contributors are exxon mobil, a bunch of industrials and pharmaceutical, home depot. it's not as if the market is saying off to the races with the consumer, it's saying we have a push and pull in the economy. maybe it's rolling recession versus expansion. how much longer can we rotate toward strength and away from danger? >> the potential danger is, to your point, the expectation that the consumer can make up for the fact that we have two major catalyst in the global economy we were anticipating being impactful, manufacturing in china and that is not happen. coming into the-year-old was more popular than saying there would be recession in late 2023, the fact the manufacturing and restoring in china would recover. what is the next catalyst for

growth? we see the fact that we've got student loan payments on the horizon which will cut into income. and the expectation of delay could see data. the assumption that the consumer continue to be just as strong and we don't need other growth drivers to take ownership of the story, energy rallying because energy prices are higher does not support a lot of the other narrative that people are trading on. i think we are in a difficult position over the next couple weeks to reconcile. >> arguably energy is within an acceptable range. but it pulls against the resilience of the consumer. peter, in terms of the investment applications of all of this, does it simply make you skeptical about credit markets and favoring government bonds? are there opportunities generated by what you see is a mismatch between other markets have behaved and how the

economy developed? >> certainly. the treasury market, looking at the short or long end presents opportunities. equity versus premium versus the two-year. it is negative with the forward above 20. so you know, we somewhat. interestingly in the esoteric markets likeyield opportunitiesn senior parts of capital structures and misunderstood consumer securing stacks. and in other places where we think there is safety and really have the ability to

watch and wait for opportunities to materialize where we can get even higher equity returns without taking equity rest. >> a quick follow on that peter. you are talking about private provision of capital from you and your clients that are stepping in where there may be dislocations in parts of the market. at the same time pointing to things like banks, loan officer surveys getting tight and therefore may be dragging the economy. is one of the answers for why the economy is okay we're not just relying on banks and private capital is flowing through in a way that it never did before? >> that's a great point. private lending and alternator lenders are filling bigger hole

quite predictive of what happens with future growth. as consumers and businesses lose access to credit. by the way we are seeing this under the covers. >> if you do think we have a little bit of more of a tough few weeks or longer to reconcile these unknowns, what does it mean you would do now? would you be buying deeper pullbacks or lighting up and waiting? >> if you're overweight, some of the names that have done well, i have a hard time looking at the multiple expansion we have experienced in the top seven or 10 or whatever the number is and feeling like if my position has doubled or tripled or quadrupled in this time i should not take that off the table. the good thing about a soft landing scenario or no landing

is there is an opportunity to add a cyclical theme with opportunity to to put money back into the first half of the year, that of knock on the mother's people revert back to mega cap tech. being thoughtful about doing some rebalancing at this time but i think that will be a pivotal point for all of us to determine what the path is going to look like so i would be more constructed and constructive in a rebalance now than taking on additional exposure in different parts of the market until we get clarity from the fed coming out of argus. >> we will see if they inject some drama. thank you very much. let's now get to our question of the day. what are you expecting from tomorrow's cpi report? hotter than anticipated, cooler than expected more in line with expectations. go to cnbc "closing bell" on x

formerly known as twitter to vote. let's get a check on top stocks to watch. >> i want to draw your attention to really and with shares under pressure despite narrow than expected loss with a number of headwind from the electric vehicle maker with goldman sachs saying that it could have a long path to profitability. concern around lower pricing in north america after tesla recent cop rights prices. shares are down 8% today. shares of upstart headed for their worst day in over one year, the ai lender revenue guidance that is outweighing a surprise adjusted profit with shares down more than 33% at this hour. >> we are just getting started, next, shares are slammed down more than 20% on the day. we will break it down and get reaction from a roblox

shareholder. and later the white house will announce a order banning some investments in china. roger altman weighs in on how this could impact global tension and the markets. we are live from the new york stock exchange. you are watching "closing bell" on cnbc.

roblox shares with their worst day of the year reporting second-quarter results. joining us now to break down the numbers. >> not just missing the top and bottom lines dragging shares down 21%, concern about

spending going on at the company. that was a big focus on the earnings call when spending on things like personnel, trust and safety and infrastructure is going to ease up. i caught up with the cfo and it is something he reiterated on the call, spending is already starting to slow and will continue to do so. roblox spent a lot to keep up with surgeon business during the pandemic and the ceo says on the call the company needs to hire, but the cost will moderate next year. on the bright side roblox is growing with 65.5 on the bright side roblox is growing with 65.5 million players per day on average which is up 25% from a year ago and topline growth was up 22% despite net losses. another piece to the puzzle, advertising rolling out slowly since first announced last year and for good reason, there will be more updates on that part of the business later this fall. people look at roblox as a proto-facebook, part social

network and part video game. >> absolutely, we will see what stage they are at relative to facebook. the owner of roblox back with us, steve lays it out well, the platform is thriving. usage and engagement and revenue looking good. for a shareholder you cannot see clearly the moment when you get your share and he bottom line. >> you never know it's going to happen. how the streets will react, but if you listen to the call which i did it was a great call. bookings are up, if you think about international markets, the majority of their revenues from u.s. canada and europe. talking about japan growing 107%, that is a huge market, india was up 40% with 3 billion cash to me the big issue is the revenue growth and cost of

revenue growing at the same level. ultimately you need the revenue growth to be growing much faster than how much it is costing you to create that revenue. that's where the knock is today, but 20% is extreme. it does not make sense, but it doesn't make sense. >> that 20 and not far above the bear market low. has not been public for long, but there is a walking away from the name based on frustration around something. look, they are one of these companies that is heavy stock- based compensation burden and i will be with them for a while. they are not showing real profit leverage as they spend. bright side view you could say is in this what amazon taught us to want? out of a company building toward scale, the big question is can they really get big enough to outgrow the spending?

>> they have big expectations for themselves. i think the japanese market and india markets are real growth. we are at the fed funds rate with inflation and is not a good week, sell off in the nasdaq so this company, it's hard for the general population to get around much less gaming. the gaming platform which i think a lot of people think is just for kids, but what's interesting is 13 and over 13 plus is five times larger than 13 and under. if i did not look at the price today i would've said they are spending, spending is coming down but another solid quarter. the market has another thing to tell me. >> at least in the short term, $18 billion market cap, not that big for the size of the franchise. thank you very much. appreciate you staying with us.

next, count down to cpi, the crucial number hitting tomorrow morning. predictions on the data and how it could impact the next move by the fed after this quick break. "closing bell" will be right back. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on

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the the dow just about back to the flatline after losing 200 earlier in the session, the market is obsessional from this morning. yesterday down 3/4 percentage and as the cpi report is expected to be encouraging it is not likely enough to know that the the fed is done hiking. let's bring in roger altman. great to have you, seems like a month ago or so when we got the prior cpi report at 3% you kind of celebrated. maybe the job was close to

being done on inflation. may be more choppy with data and energy prices up, how does that set us up for the fed and how close it is? >> first of all i don't know as no one else does what tomorrow's actual figure will be. i suspect there will be a lot of noise in the following sense. i think the headline cpi figure may be up slightly. you mentioned 3% year-over-year last month and i think it could be a little higher although it would be great if it wasn't. i think core cpi is going to be too high from the fed point of view in the floors. i think and i think that is the main reason why i say that i don't think the data tomorrow will be sufficient for financial markets or for the fed itself to conclude that the

job is done and the underlying economy is surprisingly strong. 2.4% real growth figure for the second quarter was pretty strong by standards of this late in the recovery, the recovery is three years old and the very anecdotal data about this current quarter, very early in the quarter, but still it's showing even more strength. so the fed, look at that strength. look at what i call a noisy number tomorrow that is not low enough and you say to yourself the job is not done. i'm not suggesting therefore the fed will hike further, that depends on additional data, but i don't think that the fed will conclude that the job is done and we will suggest that publicly. some governors may, of course, talk like that we saw that from

the philly fed governor but i don't think the overall message will be we can relax now with no more rate hikes at all. >> sure and certainly most officials are far from sounding all clear and they want to make sure they are on the case. on the other hand, the message seems to be there happy to allow time to do some of the work. we have seen where they need to be. higher for longer is the message which is may be enough as part of the economy decelerate. the market seems to make it peace with the idea that every six or seven weeks we have to contend with a quarter-point bump otherwise it is status quo. >> the markets are buying the soft landing school of thought in a big way. a few weeks ago, i thought there was a 50-50 split in the global financial community as

to whether they would see a soft landing or hard landing. now the major narrative is, as you know that of a soft landing meaning no recession. and so that's the main reason, i think, why the equity markets have been strong in recent weeks. the s&p is up 17 to 18% for the year and the nasdaq more than that and so forth. that is what the market is sticking out. we're going to avoid recession and based on the recent economic data, that seems to be a logical conclusion. i personally think it's too soon to tell because monetary policy operates with such a long lag and we are seeing remarkable tightening between the nominal fun way and the impact of quantitative tightening on the so-called frosty rate that the san

francisco fed publishes. at the moment the soft landing is the main picture and that's what they are responding to. >> obviously the irection of surprise would be anything that complicates that. before we let you go, your thoughts on the executive order we expect the president to come out with soon restricting some forms of investment by firms into areas of chinese technology. do you think it will have a impact and how does it fit into the broad policy push against these linkages with china? >> first of all, no surprise. this executive order has been worked on for a year and it is well known so it's not a surprise to see that it is about to happen. secondly i don't think it will have almost any impact because of two things. first if you look at the latest data on incoming or ingoing

investment into china american investment into china putting aside even technology just all investment, the figures are tiny. secondly i don't think financial sponsors in this executive order which is aimed at them private equity venture capital and so forth we are going to invest in these three areas in china anyway. quantum computing, artificial intelligence and semi conductors. i don't think you will see investment from financial sponsors in those segments anyway. so i don't think it will have much effect. in the broad context it is part of the in my view unfortunate war between the united states and china especially centering on technology and that war has been intensifying for the downside. this is part of that picture. i think it is not in either

country's long-term is first, but it is what it is. it is front and center right now. >> for sure. so many companies react to the new realities, thank you so much. good to speak with you. next, the escalade is going electric and the price tag might surprise you. we will reveal the lofty cost and what it could mean for the gm stock in the long run. "closing bell" will be right back. what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today,

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gm, cadillac and escalade going electric with a hefty price tag. all the details. >> take a look at the next electric cadillac, the escalade iq unveiled by the company today coming in 2025. the price tag expected to start at $130,000 with a range of 450 miles. a 10 minute fast charge capability giving you 100 miles within 10 minutes of being charged. this vehicle comes at a time when a lot of people say will elect a vehicle them and hold up? the president of general motors believes that it will. >> the real data supports pretty high adoption openness and conversion rate and the

market is to the right products for the rice right price points. the willingness part of it is really really high. >> they are very optimistic that the iq will do well. remember the cadillac brand is expected to be all electric 2030. shares of general motors, i would be remiss to if i did not point out the fact that the contract is ending september 14th and that's driving the stock. people are more or investors are more focused on that. >> sure, there is no doubt with the outlook for the stock. when it comes to it, cadillac is the pinnacle of the luxury for gm. they don't sell a massive number of the standard, like 40,000 per year so it is defining one part of the market and how does it compare to the cost of the standard model? >> that has not been finalized yet. in terms of how well it will do

in being profitable, i think it will do very well, especially with a price point at 120,000 and in that category there are not a lot of competitors, but the escalade stands apart from a lot of the competition. >> for sure, thank you very much. now is get a look at key stocks to watch. >> 20 minutes left in trade and celsius trading at a all-time high after nearly doubling expectations on revenues topping estimates, the energy drink maker says increased awareness about the brand is fueling results. up nearly 20%. surging after the fin tech company posted positive and free cash flow for the first time since going public with efforts to grow market share paying off. longer in its field by price increases with shares up 15%. last chance to weigh in on the question of the day.

what are you expecting from tomorrow's cpi report? hotter than forecast, cooler or right in line with expectations? go to cnbc "closing bell" on x formerly known as twitter. we will bring you the results after this break she ha t of que when e in. i watched my mother go through being a single mom. at the end of the day, my mom raised three children, including myself. and so once the client knew that she was heard. we were able to help her move forward. your client won't care how much you know until they know how much you care. ♪

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let's get results of the question of the day. what are you expecting from tomorrow's cpi report? in line with expectations getting the win 39% although a pretty big cohort things will be hotter than expected maybe inflation not under control yet. next, your earnings set up with disney reporting in a few minutes we will get a full rundown of what to look for when numbers hit.

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good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley.

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4472 the s&p closed on july 12th and that's where we are now. kind of going sideways, kind of a normal consolidation after a big rally. or do you think we may have more tough stuff on the downside as we get into inflation numbers and tested the soft landing hypothesis? >> so great to be with you, thank you for having me. i been saying all year this is a delusional market rally in the face of some pretty significant macro headwind and challenges. they have not fully come home to roost yet, so i am feeling like consolidation is more of a sanity and reality check. so when we are not expecting a significant drop from here, like a quick snap necessarily, but i do think it's going to be a slow grind. earnings season doing a little better than expected. revisions are certainly coming down for the second half and that is an important story for

the trajectory of the market from here. >> for sure although i guess the market has been behaving as if we have just seen the drop in earnings on year-over-year basis down 5% in the second quarter, projected to go up from here and grow. you can probably say the fed is not done and it is in the ballpark of being finished with a tight plans, yield holding the upper end of the range and not breaking out and the economy pushing off the expected recession. where within that do you think the market has it wrong? >> the market is so quick to claim victory in the war on inflation, getting the important cpi report and there will be acceleration. not back to the 2% long-term target if that continues to focus on poor drivers of inflation continuing to be pretty sticky. so we are not of the mindset that the fed needs to do more aggressive rate hikes to

wrangle this, we think we are in a longer dynamic. high terminal rate than what the market is expecting and a longer overall tightening with a lag on the fact of all of what the fed has done the last 10 or 11 actions is really going to start to come home to roost. we think earnings growth expectations for the second half and 2024 are too high. >> okay maybe for their sanity check. thank you so much. after the bell, a pretty good run off the low. >> they like a little spotlight today. the big focus for wynn resorts is a luxury consumer. this is the core demographic for the company and investors will be looking for any indication there has been a pullback in spending especially important as you have travel involved and questions about the overall chinese economy.

we have seen strong growth with gaming revenue numbers for july and las vegas sands and mgm reports, the street is expecting for wynn 1.54 billion in revenue for the quarter with earnings of $.59 per share. vast improvement over last year. we wait to see what happens. we have seen strong numbers in las vegas. will we see that in boston as well? and certainly what the picture oversees. >> i want your thoughts, talking all day about sports betting, disney, espn with penn national, market reaction dramatic, penn is up 8.5%. draftkings losing more than 10%. seems to suggest investors are concerned the sports gambling market will become less disciplined and more promotional. >> what we heard on the earnings call is that we no

longer anticipate we will be profitable in the fourth quarter of 2023. why? because we have to ramp up marketing associated with relaunching espn betting were before it was barstool. now the question becomes for draftkings and fanduel don't forget there will be a public listing in the united states of parent company. the question is do we see draftkings growing into power on a more constrained spending which they made a big deal about on the earnings call last friday to preempt or keep up with espn. >> espn is essentially written into the agreement they need market share and that's the way you do. >> although they would not be specific about the target market share. by the way coming on with us we will ask about that. >> absolutely. we will be watching that. victoria, not a huge piece of

the disney story economically, but representative of rethinking strategy that disney is doing. what are you hoping or expecting to hear from the numbers? >> the good thing is you get a peek into so many areas with disney. we look at streaming services, linear tv, we heard from the interview, that's not a core part of the business going forward so then we look at subscriber growth. two quarters of negative growth. so what is it this time? i have disney plus and hulu plus for live sports. if they combine bad am i less willing to take it away? probably, but we get to see the consumer and the strength of the consumer holding of the economy. there are elements here and the crosscutting, 5.5 billion in cost-cutting where do we stand on that? >> very ambitious crosscutting.

obviously the strikes, bad news long-term saving money short term. the stock has really been abandoned. in a big way. people are not satisfied to wait around and assume it will have a profitable outcome. >> the stock is down 20% since early february in six months. historically it is cheap trading 17 times that's pretty cheap, but is it cheap if you don't think they are able to bring this to fruition, we use it in a cover call strategy so we can use it to generate income. that's how we use disney, i'm not sure i would make a big that now before the earnings. >> the set up for a long time has been a high cash flow with declining linear tv networks. there were something, there were something to somebody else if not disney so how do you rationalize that piece of it as you stream to scale, what would you like to see the company doing on that, if anything?

one option is keep as is. >> they have done that for a while. it has not been working, can you make the turn around? the landscape has changed with so much competition so do they start to go off different elements? do they take out abc, change the linear tv approach? that's what i want to hear. >> it is worth recalling that piece of the business broadcast has been strategically shrunk for many many years now. in terms of theme parks, there has been concern about the previous indisputably strong part of the business. >> it has been so strong and it was high end with the movies which has been weak as of late. i was at the park a few months ago and it was packed, but is the consumer pulling back? listening to consumers and hotels are saying. are we seeing pullback in discretionary spending? reading into the parks numbers will give good insight for the upcoming quarter.

>> they blame the weather and it was hot, but we will see if that was the story. for the broader market how are you thinking about things with cpi tomorrow? is it a relief or rethink? >> look at oil prices we are up 20% since the middle of june. how can that not make your headline number? it's not tomorrow, the next number moves higher. i don't think we are in a downtrend and that's going to push the fed to do another 25 basis point hike. maybe 50 if the labor market continues to be strong which means wages are strong so i would be prepared for a pullback later this year. we think we could see consolidation around 4300 at the s&p 5.5% pullback. >> that would be a high single digit pullback. in terms of energy a lot of

people are warming up to stocks breaking out looking better on the chart. seems like maybe they have a momentum. is that a place he would focus? >> i like to support the energy stocks, but you have to have energy in your portfolio, conoco phillips is the biggest right now, but we will continue to do well with supply a concern. >> as we are headed to the closing, one minute left. we had lost a bit of the rally with the s&p 500 down 2/3 of 1%, we keep returning to this area just below 4500. although on a weekly basis it is still down 0.2%. not a lot of movement. actually calming down this week although short-term yields are rising in advance of the cpi number. perhaps tensing up for the potential we get. although another strong stretch today, giving the market a

little bit of relief in terms of the probability index back above 16. above 18 yesterday as the market got nervous. we are pulled back and relax from there. market still negative as we look indecisive into the day to day tomorrow. that doesn't for "closing bell". sending it over to overtime. tackling major averages today but energy was a bright spot. the action is just getting started. looking to "closing bell" overtime. key reads on the consumer this hour when disney and wynn reports earnings, we will have full team coverage of those numbers in a moment, but first breaking news from washington on china. the details. >> the biden administration announcing a much more narrow than expected set of proposals