what >> she said it was worse than her worst driving student. >> all right a great piece. thank you very much. and thank you everybody for watching "power lunch. have a great weekend. "closing bell" starts right now. happy friday, everybody. welcome to "closing "closing b" i'm brian sullivan in for scott wapner a pick-up in inflation raising questions where the federal reserve goes from here overall, 90% of companies reported earnings. so far nearly 80% beating expectations brings us to our "talk of the tape" top of the hour. why can't the bulls take more control? for that, welcome in stephanie

link, hightower chief investment strategy, cnbc contributor and pretty good golf i'm told. >> hmm not so much. >> good to have you on how do you review inflation data and did it change any of your expectations about race, the fed, the markets and -- >> it didn't change my thoughts. we are making progress, though, brian, on the numbers. right? look at, say, cpi, 4.7% year over year, 6.6% at peak. making progress. the problem, rents are still sticky, 99% of cpi shelter. >> and increased .5 from .4 number is getting to 2% where the fed wants get to to for cpi. a long ways off. then look at, by the way, you follow energy really close right? look at ppi numbers today. acceleration month over month in

headline number. nots even including the 24% gain in energy prices from the june lows i think next month, next couple of months, you'll see elevated ppi numbers. then add in the economy, which is a real bright spot. nobody thought we would see gdp accelerate each quarter this year everyone said beginning of the year, first quarter peak in gdp. wasn't 2% first quarter 2.4% second quarter and atlanta fed gdp at 4.1% in the third i think the number's coming down not 4. >> won't the cpi, ppi, the other pi, magnum, whatever you want to talk about, won't meet large numbers and not grow anymore because they've grown so much. say inflation is coming down r down only because it went so high each fn it tapers off, troubling. sure you've been to the grocery store. >> i know. >> it's not pleasant. >> prices still high, and you have an economy that's hanging in there, which is going to lead to increased inflation going

forward. so, to me, i just don't think the story is over. you asked about the fed's in my view, i don't know if they'll going to september may pause, right still on the table the point being is, rates remaining high a longer period of time and not easing anytime soon may spend a year and a half trying to get it under control and don't have it under control. only to hang around and ease by the way, look at another bright spot. not only is the economy doing well, leading to decent earnings highlighted at the top 80% of companies beating and that's broadening and different last couple of weeks encouraging. >> so a big part of inflation is wage gains and wee being capitalists want everyone to make as much money as he or she deserves good for them. >> yep. >> they will go towards inflation, example, a stock you like talking tab before the show. u.p.s. big new deal with the teamsters union. u.p.s. driver with tenure making

$170,000 a year. with benefits, good for them by the way, love my u.p.s. driverer time shows up. >> because economy is doing well. >> comes to my house not a stock you like huge cost increase for ur.p.s., butty like u.p.s. >> waiting for this. expecting it didn't know the actual numbers numbers came in. reset numbers lower, and now it's out there that's fine. going to cost them a lot but meantime, just reported earnings they had better u.s. package growth, the economy. better pricing and productivity and efficiency measures underway stabilize margins and move higher gradually when you have a good top line and better margins, positive operating leverage and getting credit now 17 times forward, massively underperformed, fedex. almost 40%, 50% year to date and

ceo. not betting against her. >> take a huge unknown, now a known-known. not a known-unknown. bring up guys, three-year chart home depot another company you like interesting take make a bear case easily. higher rates, but also say wait a minute no one's moving. nobody's moving. we know that data worse in four years guess what stay in their home because of interest rates, fix it up. >> yes meantime, new home sales are at best level since march of last year a little of that kicker too. this company is doing a great job increasing market share, they, too, productivity under way. a great management team and initiatives, ecommerce, pro, fixing the supply chain. not a big problem for them i like them. >> a little risky because they report earnings next week. right? so what. i'll buy more if stock is weak. >> numbers aren't at good?

80% of the company, earnings -- >> i know. >> a good cfo. >> right. >> the number to get to. i'm winking. >> right this is what i do. try to buy best in class on sale right? home depot, number one in the industry u.p.s., number one in the industry both stocks lagged year-to-date, had issues, but given traffic they will fix them and, the track record, and understand the quality and what you get i like both names and have extra cash around earnings season on purpose for this very reason. >> dry powder, called, i believe. sit tight. bring in a couple new voices to the conversation as well malcolm, cic wealth management and from wealth enhancement group. malcolm also a cnbc contributor. malcolm, start with you. anything you heard from steph that you agree or disagree with? >> yeah. i think i agree with stephanie

on this one and about the economy overall than where powell is probably going in thinking focused on core cpi number entire time. made it clear core cpi, owner kwiv learnt rents since the very beginning were the thing really thattal would move the number and make the decision for him. i think probably committed a little bit more to a raise actually in september. stephanie sounds like they is but i think we're thinking similarly in the sense that the fed is not done. whether a pause in september and then hear something else in november or we hear a raise in september and thenner in raise in neff depending how aggressive they decide to be either way, fed's work not done. last couple pounds fed trying to shed of inflation oust economy will be hardest and stickiest. that's where being willing to stay disciplined and stick with it will matter, i agree. unless the federal reserve somehow knows how to bring down rents or give people pay cuts i

don't see how they'll impact wages or shelter from a market, investing perspective, do we care if the fed ra raises once or twice hero stays here one of the fastest cycles in history already jnktsz i think we do. the reason they want to control short-term rates, let us feel less prosperous to spend a little less. make it more expensive to upgrade to the next house makes me feel less prosperous, can't get the next tesla to feel a little more prosperous compared to my neighbors whose cars are also in the driveway sentiment perspective that additional couple percentage points with interest hikes will make a difference psychologically. ultimately what the fed is after. convincing us to stop spending money. i think is actually already happening. probably find out a little of that with home depot's numbers talking about. some other retailers about to

report. >> i am. >> i think the consumer's tapped out and we're about to find out how close to end of the rope. >> your take on all things just talked about or throw something new in why not. it's friday. have fun. >> brian, thanks for having me i do think that it does have a big impact in the market when you look at the -- the expectation for fed rate cuts in 2024, there's a probability of a cut, i think, as early as march or april of 2024 i think that needs to get priced out of the market. you know i think the fed will really want to hone in on the fact that they are going to see rates higher for longer really needs to get priced out of the market. that's going to impact yields, impacting valuations on the equity side. >> how do we make money now? up 17% nasdaq up i think -- nasdaq 100

up 41%, 40%. how do we make money from here on out >> sure. i think multiple ways. a., fixed income still attractive with really good deals. take advantage of the great run in equities. take some off the table and maybe launch into some of those deals. secondly, from individual stock perspective, we think you can take profits in some of these great tech names not get out of them. want to stay in them for the long term. find the opportunities find the home depots, the u.p.s. we like cvs same reason. >> throwing out names randomly, u.p.s. didn't sound like an accident. >> there's $5 trillion on the side, right? sideline >> who are these sidelines >> the cash -- >> sidelined what are you talking about? >> cash. getting something on the cash but on sidelines too many things really, so offsides in terms of negativity.

so -- >> don't you want -- you want some cash allocation i don't ever want to have no cash anywhere. >> no. there are alternatives now we haven't seen them in the last ten years. >> 5.5% for a tax-free cd, not bad. >> save 3%, 4%, 5%, not great. long-term average s&p 500, total return 7%. 7% a nice run this year not saying it can't continue i think shop around personally the next couple of months but people chase to end of the year for sure i think there's money on the sidelines for people not believing, the economy is held much more than people expected earnings held in maybe dropping in earnings a great job in terms of margins. i have ideas it's not like, not the high-flier technology company. maybe boring to have to talk about u.p.s., talk about home depot. >> making money's not boring.

>> by the way, ford, 25% company going total revenues 20%. margin expansion of 100 basis points per year. free cash flow growth of 20% i can find names to buy, just not the whole index, but pockets and love the fact broadening out in the overall sectors that's, to me, super healthy and i feel a lot of cyclicals. energy doing well -- >> ah! malcolm, i don't know if stephanie's looking at my notes. save this for last call, 7:00 p.m. because i like you, roll it out now. sop. oil and gas. up seven day s in a row energy best performing sector last couple of months. still no one's talking about almost like going whisper oil. whatever any energy exposure? >> would i

i'm not a fan. do i personally? no that's not the place that i like to make money -- the energy market moves way too fast for me, and doesn't necessarily have rhyme or reason to it in a lot of the cases but i did have it on my bingo card you would find a way to work chevron or exxon into the conversation to that extent, if energy up seven days straight and you and i are having a conversation about it, i guarantee you jerome powell and others know income, commodities increasing food stuff, for example, definitely going to be impacted near-term that's also leading me to believe september we're actually going to see another 25 basis points. >> wow so critical. people don't realize it. think about oil and driving a car. half of oil is autos the other half is everything else roofing materials. plastics pharmaceuticals. tires, asphalt this is -- oil, back up.

probably close to 100. pray no more storms in gulf of mexico any more exposure? >> we do own chevron and exxon. not too far out there. however, consumer is more sensitive to gasoline prices than they have been to interest rates. so it will be interestiing to se the economic slowdown everybody talked about actually starts to happen if we continue to have oil prices go higher. >> steph >> i am -- 1,000 basis points overweight energy. i own chevron but also like this company slb. my biggest -- >> formerly known at schlumberger. >> and massive technology company totally underappreciated with all that they're doing. pricing power and margins going higher every single quarter. they raise guidance. great little story also talking about energy.

kind of like a barbell, right? >> original thing. >> the original thing. right. but i also am overweight industrials. >> even with higher input costs? >> also because seeing massive demand from onshoring, reshoring, energy transformation electrification. the grid. >> i know. inflation reduction act, when you think about it, putting a lot of money, hundreds of billions of government money, taxpayer money and private capital to work. let's hope, anyway power lines. right? whatever you need to do, actually need power lines. >> we do >> quantum services. >> yep, yep. grid. >> twr, sticker. >> twr, like it. >> ir. >> also like aerospace cycle right? aviation cycle and ge missing money now. that's really a change in the last the two quarters from both of these companies i like the spend from ge ge health care done really well i think a lot out there. >> sounds like the market theme

guys, today. kind of how i live my life boring as the new sexy just did. >> yeah. exactly right. >> end on that >> goodness. >> thank you boring is the new sexy let's not only talk it, let's live it. >> live it. >> we can live it. guys, it's friday! right? >> right. a check of top stocks to watch as he wed into the close for that kristina partsinevelos joins us here on "closing bell." kristina >> i don't know how to live boring and sexy. talk about chinese tech names. sge.com, ped worse performers in the nasdaq continuing to drop after the biden administration declines to ban u.s. investments into china computing and artificial intelligence sector. an effort to stop chinese military from accessing american technology other issues, though financial troubles at a chinese property developer and a drop in chinese consumer prices. that's why j.d. down to 5.5.

it appears people are more than willing to dish out thousands of dollars for a soho house membership private club post add stronger than expected earnings report with its membership wait list at an all-time high 95,000 people waiting to pay at least $3,000 to $5,000 per membership >> 95,000 people on the soho house network? assume not just one in london or here >> no, no. a wait list to actually get a membership not their members. >> no. the wait list to get a membership 95,000 people? >> yeah. what recession, right? >> apparently not in the arts. go to the soho house, i'm told, and it's one of the -- the art cool kids. you know just like you. kristina, thank you. >> thank you. >> uh-huh. >> uh-huh. >> and we are just getting started here on "closing bell. a lot more to do up next, trading the tech pullback

the xlk. not a jaguar, the an atm down more than 2%. apple dropping is that allowed? anyway, seeing ugly moves out of tech earnings recently star analyst, his forecast to the sector and how he's navigating all of this our question du jour is it time for you all there listening to be peel back on stock? twitter, now known at x. you are watching the "closing bell" right here on cnbc.

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welcome back to "closing bell." don't look now the tech rally a huge rally most of the year. losing steam over the last week or so. data dog, super micro, nvidia among this week's worst performers even apple dropping lately your next guest expects any pull barq like this one to be short lived and reiterating a bullish call for as much as 15% gain for techs. macro tech i guess, for end of the year bring in wedbush's stan aye. >> seeing from enterprise spend, i think -- on terms of where we see guidance, and i think the ai revolution, fourth industrial revolution is now taking hold. this is halftime of a new tech bull market under way. >> who's going to drive it stocks go up when there's more buyers and that sellers.

>> i think big apple driving look from a cloud perspective, seen optics from microsoft, of course, amazon, and google when we see going into the second half, will we believe ultimately spending could increase 400, 500 bits op the cloud? that ultimately driven from what we see on a i driving cybersecurity and broader enterprise and i think many investors here are not positioned well where we believe going into 2024, we see another 20% to level. >> did you hear stephanie link a few minutes? if did you, reiter erate for viewers. crushed. fell like 20% last week. cybersecurity palantir, a name you cover and like if this is the future, we know what a threat cyber is, why aren't investors, why are they selling at the drop of a hat

with a number that's slightly missing? >> right now there's nervousness. right? just in terms of fed drop and maybe some of the names, not yet seeing a powerball of growth but a table count. look at pounds here. microsoft continues to be our top pick and i think out there is apple surprisingly a year from now looking at 3.5, trillion dollar market cap and we think a mini recycle ending sentiment glass half i say glass half empty relative to tax and abelieve this is get out the pop for a moment a massive secretary half rally for tech stock, and love the electric truck and suv makers? >> to me they are -- when i looked what tesla is doing, look

what rivian, between many winners. rivian's finally turned the corner from supply chain demand looks strong. this green tidal wave is playing out and i continue to step back here it's a 1995 moment not a 1999-2000 moment internet, 1995 biggest financial tax credit seen in 30 years, which is why a bright green light, despite many young buyers around here. >> listen it feels like artificial intelligence, ai, is -- maybe the -- could be the biggest transformation's thing maybe, perhaps -- tell me if this is hiyperbole since basically creation of the world wide web j the way we change the way we work had dialup modems things like that feels like a netscape kind of moment anyway if that makes any

sense. >> it does and it is. i think that's why it's a 1995 mode not 1999-2000 talking incrementally a trillion some spending. when i look at the quarter knee-jerk reaction of some quarters in tax, i view it as relative to where i see the needles going the next 12, 18, 24 months, and that's why positioned, we're handling clients through this because i thissen an opportunity not to throw in to what the yield is. >> bullish on tech appreciate it. have a great weekend, my man got you. breaking news. sam bankman-fried, kate rooney has details. >> brian, sam bankman-fried's bail revoked judge decided in a manhattan courtroom whether he's headed to jail judge saying attempted to tamper with witnesses at least twice, doj prosecutors accused him of witness tampering. you see the courtroom there

outside there. also they say he intimidating witnesses through many conversations with the media latest example bankman-fried leaked a series of documents to the "new york times" about a key witness, a former ceo of the hedge fund also founded by bankman-fried and already pleaded guilty to multiple counts of fraud and bankman-fried's former girlfriend legal team exercising first amendment ritsd talking to media. jump issued a warning in july. bankman-fried had internet access richarded, not able to use a smartphone the ftx owner out on bail. more information soon. bail revoked that trial set to kick off in october, brian. >> okay. i know there's a lot we don't know this is is a big deal. i think -- i know you've reported on it, kate go through forget my old brain if i get something wrong. wasn't the bail at like, $250

million. a huge number. obviously people who put it up did not put up $250, a tiny fraction but bond, effectively $250 and bankman-fried, reporting by kate rooney. might know her at his parents' home, correct? >> that's right. >> sounds like he could or will go to a jail cell? like, now. >> that is what we expect. that remanded from this court hearing. essentially go straight to jail from there >> yeah. >> and be remanded in the new york area. has been in palo alto on the stanford campus where his parents are professors or were at some point. he grew up there under house arrest the judge is warning cutting it close. you said sam bankman-fried pushed the envelope when it came to bail conditions and seeing results here bring you updates we have if it's a done deal. >> update in my ear from the production staff, kate that sam bankman fried is being

remanded to jail right now >> judge said it's official. yes. >> i want to make this news clear to our audience. this is, sam bankbankman-fried,. everything alleged bankman-fried, freed given preferential treatment i'd love to hear from anybody in the new york area. i assume sam bankman-fried to go to rikers island today. sam bankman-fried from, you lung out with him in the bahamas, going from his parents' house with an ankle monter to a new york city jail which could be rikers island. a big change for mr. bankman-fried. >> absolutely. i mean, got a couple months ahead of the trial

one. arguments by the defense here, the discovery process needed the internet go through jockeymen and impossible for him to do that from a jail cell so next question from legal experts i'm talking to, will this delay the trial they say he doesn't have access to lawyers or the type of internet he had in his parents' house in palo alto, up for debate you know, doesn't have as much access to documents, they argued one of the reasons he needs to be on house arrest judge ras very clear in july essentially one strike, sam, go the to really honor these bail conditions and he pushed the envelope to the point that the judge clearly said here, you're intimidating witnesses. spoken to ex-ftx employees since that piece came out, i don't feel totally comfortable that there are conversations with sam bankman-fried wouldn't get leaked other potential witnesses made nervous. >> and right after, guys, a little longer.

a huge story of course, bankman-fried after arrested doing a series of interviews spoke with cnbc's sorkin bizarre rambling interviews. going for the bad business defense. not a crook, just not good at business seemed to be clear what he was going for. not good at running businesses m.i.t. or stanford smart, but not smart enough to run a business but no a criminal the alleged rumored girlfriend who made also bizarre comments not using hedges and stuff that aside, what's the allegation between him and with the witness tampering? >> she is also pleaded guilty, cooperating with the investigation. witness tampering, these journals essentially kept them on google docs and they talked about her time as alameda hedge fund under stress painting her in a certain light and sam bankman-fried had given those documents, he had access

to those, gave them to a "new york times" reporter published the story essentially here's the inside look what she was going through at the time. a certain light, but unclear what bankman freed was going for there, using what they argued his first amendment rights to speak to the press and defend himself. that was what thealking about story published in "new york times. others argued, it was newsworthy, within his first amendment rights and they had a trite publish that lop ther although questions whether it was in discovery no included in some of the legal process. big news here. >> huge story and unless something changes on this change a huge leitch change imminently apparently coming for mr. bankman-fried. kate, a feeling not seen the last of you on cnbc. have some coffee see you in a bit by the way, invited to last call seven p.m. eastern tune in. >> okay. up next, five star stop

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welcome back to "closing bell." nasdaq less than 30 minutes away from posting its first back-to-back weekly loss of the year nasdaq 100 up 40% already. take a look it with a grain of salt the next guest says tech recent gain could be a pain for lagging seconders making big moves in volatility joining us at post 9, kevin simpson. good to meet you spoken like 100 times never in-person. >> much better. >> and taller. no one ever says handsome, says taller on tv everybody looks the same and stephanie talked about schlu schlumberger slb. strange name why do you like it

>> big winner 2022 bug lagged so much in 2023 i feel like there's opportunity there. looking for companies that have just cash flow on top of cash flow a company taking care of shareholders share buybacks, paying dividends. think about the count, your area, not mine daily rate a few months ago? $300,000 a day up to now $500,000 i don't know how high. could it go to a million >> i don't think see a million on that. talking about call kevin referred to cost of a drilling rig takes about three weeks to get a well done and oil comes out. not like olden days. a donkey knocking the thing in there and don't drill dry wells. because of technology, no one's missing. oop. no oil gone this is tech company printing money does it get hurt or benefit in a rear wade the fact of many institutions that will not invest in fossil fuel-related companies?

i can see both sides of that. >> i think a lot of that agnostic and look at balance sheet and earnings ultimate i need to make money. the fact there may not be as many institutions chasing the stock gives more 250tune to accumulate position. love it. bought it. down side, cover call written against marathon petroleum and losing it this month i want to allocate more into the space. schlumberger is a good name. >> speaking of energy transition from fossil fuels to what also down, talked about power lines whatever we do, build a windmill a solar farm electric cars. all i know is this -- all will immediate copious amounts of two things. lithium and copper you add it to freeport -- >> playing both sides of the trade. what does it cost in terms of

copper now one month low. initiated a position about a month ago. posted good earnings did on top line, beat on bottom line cleaning up their balance sheet. paying off debt. a subpercent dividend not best for me but dividend growth past three years massive. if china reopen, stimulus in china, if people buy electric cars four times as much copper for an electric car than a traditional car. building a position in something, names that are certainly out of favor. >> i like the hedge. in a weird way, if you believe one's going to win or the other will win, either going, oil and copper are basically the same thing in a weird way right? both power differ things but you need a lot of them, depending how it goes? >> no center horse in the race. >> not yet see what happens when the aliens come down. give us their technology capital wealth great stuff. appreciate it. good to meet you.

up next tracking biggest movers as we head into the close of the day and the trading week. kristina's back with what we're watching >> profits down 75% year over year, but ai is here to save the day, and stock is obviously up gtls on that name and much more after this very short break. i promise.

16 1/2 minutes oddly until closing bell back to kristina for a look at stocks she has her eyes on. >> the company alluded to news corp higher as an earnings beat outweighs 9% drop in revenue also a boost from ai commentary with ceo robert thompson saying great opportunity in regenerative ai including potential for new streams of revenue saying that investors, we should say investors excited about it because stock up over 4% now u.p.s. on track to close at an all-time high as the bank says it no longer needs the swiss government backstop to support takeover and rescue of credit suisse that news, shares about 5.5% higher. >> thank you very much. and everybody beshids kristina and i, last chance to weigh in on "question of the

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all right. now to our "question of the day" asking you, all of you, the trillions of people watching and limping to this program right now. time to scale back investments on tech? huge majority, not huge. 69.4% said no. staying in tech. hey, 43%, 43.1% said yes maybe more than you thought. up next, retail rundown. target, walmart, big names reporting next week.

analysts standing by with what he'll watch when we take you inside what's it called? "the market zone." by the way, next week, on monday, not missing my sitdown with ron desantis. down to florida, meeting, speaking with the governor as well and watch the full interview monday 7:00 p.m. eastern time on "last call "closing bell" will be right back. ( ♪♪ ) ( sfx: people cheering ) ( sfx: stock exchange bell ringing ) ( ♪♪ ) ( ♪♪ ) ( sfx: people celebrating ) ( ♪♪ ) ( sfx: people celebrating )

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together now in the "market zone." senior market commentator mike santoli breaking down crucial moments of the trading day contessa brewer, selling casino stock and didn't join us last night and greg, watching at retail earnings next week. mike, first up to you, and you and josh brown got a special at 6:00 >> we do coming up. kind of an opening act i guess in some ways tonight look, i think the market, if you really look back how the week was churning and it was seemed like an untrustworthy? right, didn't hold a lot of rallies. only down 30 basis points in s&p for the week churning arranged the same levels seems as if the bar has become higher in recent weeks for what be9:00 economic news has been delivered to investors in the form of disinflation and better growth to get us moving in terms of appetite from stocks here i think you have to say that the overall market absorbed stiff

pullback in leading mega cap tech stocks without falling apart just yet not an all-clear but seems market held its ground okay. >> yeah. all right. michael, in a second and contessa, confused 10:0 penn gaming make a huge deal with disney and below where it was before the disney deal a couple days ago? what's going on? >> not just penn crazy casino action today. look at penn shares. down, reversal of action we saw post-deal news see the switch there helping penn news that dave portnoy back to pull owner for $1 positioned to unload a massive chunk of penn stock potentially more than 1 million shares mgm, caesars, las vegas sands,

wynn, all saw a concentrated sell offat opening bell and almost identical price action. look at that, they followed each other throughout the day after ppi data indicated increased costs in goods and services could impact, of course, retail businesses then an hour ago, brian, wynn put out a news release it is shutting down its online sports betting and igaming operations everywhere xepsexcept michigan. the company can't justify using capital on all of that marketing toll acquire customers wynn posted an operating loss of $59 million in the interactive segment first half of the year basically washing hands of that. there you're seeing some of what was happening in the casino space today. >> nevada i get. michigan odd but okay. there you go solve that mystery at some point. a rush of retail earnings coming weeks seeing target, walmart,

home depot greg, any names you like more than others heading into earnings >> we reckon with walmart number one. home depot in the middle and target least favorite of the three. key for walmart getting retraffic winning new customers. we think frankly earnings expectations both company's own guidance and expectations just too low. frankly all year pretty nice quarter and probably a beat and raise next week >> okay. and something -- greg, quickly back to you. in these numbers, whichever, walmart, home depot target, we have to watch. any kind of a "tell" from numbers how the consumer is doing? >> yeah. getting to the right point the most part retailers have guided down numbers far enough this year. this earnings season about what did we learn about back-to-school seeing into the third quarter? because end of the day, the question is, can retailer reaccelerate into flex year and is the worst behind us

that's really what we're looking for out of these earnings prints next week. >> that's it yeah see what happens a lot of stuff going on in retail greg, is there a name to avoid always say what do you buy a name you don't want to own >> generally speaking, kind of in-line on the group traffic momentum is key. so -- of the three, i think you, target probably guide down i think people know that feels pretty washed out. the key is retailers growing traffic. home depot has a less negative comp improving in confidence next year to be up for them. really focusing on retailers gain share and winning kufrlt mers the ones you want. walmart number one next week on that front. >> greg, thank you go back down to michael santoli. two and a half minutes to the close. a weird week for tech. i didn't know apple was allowed to go down it's actually down a lot

meantime oil stocks, xlp up. seven days in a row now. just like a meaningful shift or part-time if a phenomena? >> cooling off of biggest stocks biggest down 10.1% nvidia from s&p 500 on a weekly basis. rotation, certainly energy a little pharma and health care there. combination of defensive and cyclical cat a big upside contributor home depot as well this week seems as if an attempt for another rotation slippage in the gears there. energy's 4.5% of the s&p tech's 27 or something like that it can't be a one for one type of thing but one of the ways the market is able to keep itself supported, and i guess keep volatility somewhat suppressed when things go their own way this is the face, though, of the ten-year yield hitting 416

very much challenging year-to-date highs as well. >> end the show. another show both have shows coming up. on a really high note, because if the market were to close today for the year, like, say tomorrow is december 31st, whatever this would be one of the best years ever for nasdaq 100. a heck of a run. >> absolutely. so stay with that. plenty of them to digest off the lows and s&p got you 30-plus percent off the low obviously we know. august, september, not easy. giveback even in a subtypical year, 5 some percent pull back haven't had that yet morgan says be ready for something less pleasant on the way. >> that's it heck of a year michael santoli, see you and josh brown tonight 6:00 p.m

the cnbc special followed by, of course, "last call" hosted by the handsome and brilliant brian sullivan a good lead-in, my man "closing bell," that's it. see you on "last call. send it into "overtime" with morgan brennan. [ closing bell ] stocks on this summer friday but s&p and nasdaq putting in the second week of losses. that's the score card on wall street action's just getting started. welcome to "closing bell: overtime." jon fortt is off coming up on the show, schuyler property management, spike in gas prices plus ceo of the heartford joins us to talk about impacts from devastating wildfires in hawaii. stocks closing out, up and down