>> would you be a buyer of the ipo? >> i would have to look at the metrics to understand the balance sheet. we don't know how much debt is on there. what is your debt coverage, covenants and what is your sustainable kind of recurring revenue growth. >> great to be with you. thank you for watching "power lunch." >> the weekend read being instacart. "closing bell" starts right now. thank you. welcome to "closing bell." the post-nvidia state of stocks and what comes next for a market that's already on edge. here is your scorecard with 60 minutes to go in regulation. take a look at that. the market suddenly awakening. major averages happen all over the megacap following that jackson hole speech. the dowe-sa boeing one of the dow's top

performers today with salesforce, reports earnings next week. as for tech overall, not much going for much of the day for the nasdaq. as i just said, we do have a little bit of a pickup here as we enter the final hour. we are at the highs of the day. we have been dragged a bit by nvidia. it's down. apple and microsoft, however, offsetting that. both stocks are higher. sector-wise, energy, utilities bright spots throughout the day. yields a big part of the story, toochlt what yields are doing, we have had a reversal. they were down and then they started to rise. 424 is the yield on the ten-year. all of that happening in the wake of the fed chair's big speech in jackson hole. our talk of the tape. whether there is modest correction for stocks need to go much further or not. our special guest on this friday, wharton school professor jeremy siegel. you have been with us on a bunch of fridays, professor, which i love. it gives us a chance to sum up what's happened in this stretch

ahead of us. today it's all about the fed chair. what did you make of the speech? and what do you think this market reaction now says about it? >> first of all, there was really nothing new that he said in the july fomc meeting. in fact, i was disappointed because what's happened in the market, as we all know, is that yields have risen, real yields have risen, real growth has risen, and the reason that real growth has risen is because productivity has been so strong. he didn't address any of that. he seems almost stuck in that mode, real growth is higher, that means more workers, more pressure on wages, we might have to go higher, and that's not the story. the story is we are getting a real growth higher because we are getting productivity higher. in fact, the labor market is slowing down. i mean, expectations for next friday are, what, about 160, you

know, less than half what we had last year. so in some ways i don't think he really addressed what the market has been seeing over the last few weeks. i think some people got a little bit nextous at the beginning. the market sold off. now, nothing new, we will gain back what we worried back yesterday. >> i have to be honest with you. i heard -- and i don't know. maybe i was hearing the wrong thing. i heard a fed chair who suggested that maybe the bar is a little higher to actually do more than some others would like to believe. and i say that pause of these words. quote, uncertain about the lags. might be significant further drag in the pipeline. he also mentioned the risks of doing too much. that tells me that they are not quite sure what's yet to come and they are going to be real, real careful because they don't want to mess it up. they don't want to snatch defeat

from the jaws of victory. >> i think you're right there. and, in fact, we detected that as -- you and i had talked about after the july fomc meeting, he became much more two-sided, much more aware that there are downside risks. i think he heard from two or three voting fomc members that are saying, you know, we have done enough. i think he looks at rising delinquencies, credit cards, we have been hearing that on some of the earnings calls. he looks at other, you know, what happened to mortgage rates at 7.5%, so he mentioned that little pickup in housing. we don't know how long that's going to last. so i think that's on his mind, you know, even kthough his orientation has been, you know, we may have to do another quarter point, probably we are going to by past september, look at things and see how things will be for the november

meeting. >> is that the most you see happening? one more hike and perhaps that's in the fall? is there a chance that they are -- >> unless -- >> is there a chance they are actually done? >> there is a chance that they are done. and unless the inflation news turns dramatically worse -- and the only way we can do that, if the dollar goes way down, which it's been going up. if oil keeps going up to 100, to 110, 120, although they are supposed to ignore food and oil as being more temporary, if commodity prices begin rising, which they hasn't -- those have stabilized to be sure. we are not seeing the inflation in those components and housing particularly that we saw in 2021 and -- 2020 and 2021. so unless those things happen, which there is no sign, it's got to be, at most, one and done, and if there is a little bit more of that downside risk sand

saying we can hold off it's done and done. >> wow. what about the correction? is it done? we are down, i don't know, 4% or so on the s&p from the recent high. do we have to go much further lower? what's your guess? >> september, for decades, had been the worst month of the year. when that used to get published, i published that lot of that in my book, everyone said we better also in august if september is the worst month and then august became a tough month, especially second half of august. and i think that is being challenged. of course, the higher real interest rates are challenging the stocks at the same time. but i don't see any major crack. it may have a few more percent to go. could it dip into correction territory? possibly with some really weak news. but that is about all. you know, after that, we have

september, october. chop by months. a lot, you know, news months, november, december usually much better on an upturn. i think the rest of the year we are stable to up washeward and e the 15 to 20% rise. if he doesn't raise it any more, inflation falling, could be 20, 25% for the full year. >> big call. let's broaden the conversation, if we could, professor and bring in mike santoli. and shannon, a cnbc contributor as well. mike, i had them get you up. i know you are getting ready for your special. i wanted your opinion here. it's been an interesting move in the market. didn't know which way it wanted to go. a little bit of a ramp here as the day goes further. yields are up and stocks are up. what does to tell you? >> yields are up minimally. they are not taking off, which

maybe the achilles heel of the stock market, for whatever reason, i don't think it schaif the bond took powell's comments as somehow being very incrementally hawkish beyond what was expected. that being said, i think the stock market is tacking back towards neutral. the high for the week is, i think, 4460. we are 50 points above, 50 points below, right in the middle. i think you could say this is an indecisive market. we don't know if this pull back fulfilled everything from the highs in terms of resetting valuations and expectations and thinking like that. but i do think that is showed that tlfls nothing with jay powell, as you alluded to, using the word -- the phrase proceed carefully twice. that changes the premise of the fed policy this year, which is a patient fed that's just about done. we can argue about whether it will be a quarter. it's not going to be in september. might be later.

so what? they have done 5.25 already. the one-year treasury bill is at 5.4 suggesting we kind of price inside rates around this level for the next year. to me nothing much changed. what do we make of this economic acceleration late in the cycle and whether it can continue or whether it's going to cause imbalances or get long rates up to a point that the market and the economy can't stomach. we will be debating that next week. meantime, the market when taken account of most of what powell was going to say today. >> i heard some on the network earlier suggest we were 0 for 2 this week in terms of nvidia and the fed chair. not that nvidia didn't knock the cover off the ball. but the reaction didn't exactly suggest that the report, you know, was something to really build on because the stock had already done lot. and then when the market was done earlier, well, powell was more hawkish than we thought. the reality is, if you now have the ability to step back and look what happened this week,

nvidia did knock the cover off the ball. didn't do anything to upset the story there. powell make wasn't as hawkish as some feared and we have something at least we can take away that wasn't horrible. >> how could you not fear powell's address here at jackson hole given what we experienced last year, scott? i think those of us are scarred still a year later. i think one of the things to think about is, you're right, we didn't get as hawkish perhaps a statement from powell as we might have expected. to the professor's points, we didn't hear the things i would have anticipated hearing. i know the professor would have liked to hear more about productivity. i would have liked him to acknowledge the fact that we are seeing a reacceleration in food and energy prices because although that is a core, that's a important component of consumer spending. the consumer is continuing to drive the strength in the u.s. economy. if you look at what happened this week in terms of what the

fed expectations are, we are looking at a period now the next four weeks or so where the market is going to be very much focused on economic data, data dependency, and what whappens next. to your point, we incrementally are up to 20% chance of a fed hike in september. about 50% in november. i would counter that those aren't nearly as important as understanding what the policy in '24 will look like. what we saw after the meeting today, we saw that the expectations for rate cuts in the second half of next year came down after the meeting today and i think that's important, an important piece. what is higher for longer mean? how does that get priced into equities and the multiples that we are paying for stocks today. that's where the narrative will start to shift. i think we are past september or november and looking to '24 for policy. >> professor, on the nvidia question, what did the reaction suggest to you, if anything,

about, you know, whether tech in general had just gotten too far ahead of itself, whether it needs to cool off. that valuations in that part of the market are just too high and we need to come back to earth a little bit. >> let me tell you, all the years, i have never seen a firm be as decisively as it was. and go down in price. it jumped down the announcement, but then go down in price, which means there is never been a case where the whisper number or that expectation was so much above wall street's official estimates. that's the big warning. everyone just -- a.i., the words get overexcited. listen, i saw it on the internet. stocks in 1999, we saw it three years ago when you put bitcoin or crypto on your name or blockchain on your name, again when something catches fair, the

expectations explode. that's the danger that even when you blow the cover off the ball, your stock doesn't go up. that's the danger but the rest of the stocks outside of that group, you think, you know, no general overvaluation. we can still get gains this year. >> mike, what's your takeaway here? a few days after they reported and in what was billed to be the -- not only the most important earnings report? >> when you talk about that part of the market, i think nvidia alone is that part of the market in many respects just in terms of the head start, people have given credit for it having in a.i., the degree of market cap it added, the growth, everything else, it's singular. i see microsoft trading 10, 11% below the july high. it shows you it was not moving step for step with nvidia. the fact that nvidia front

loaded a lot of the excitement, more or less priced it in, there is no shame in hovering around a $1.1 trillion valuation and waiting for it to grow for a little while, because you didn't get that market wide push higher three months ago i don't think is a negative verdict on the company or the positioning of the overall market. again, this pullback has done what a pullback is supposed to do. i don't know if it's done it all. if we hit the low for this little chop by period, then probably the rebound off it isn't all that exciting or all that spring loaded because you didn't build up a lot of the kind of over -- conditions and get valuations super cheap. maybe we did enough for that to be it and got through nvidia without broader pain if nothing else. >> professor, can stocks like tech go up if rates remain even where they are? let's not take into consideration whether they hike again. if they remain elevated for a

while, we are talking about a 50 basis point or so move higher in the ten-year. if this remains the case, do stocks generally and specifically, does tech have a problem? >> tech has a problem if it can't grow faster. i mean, you know, when -- nasdaq is going at 30 times earnings. the value stocks are 15 times. that's a two to one ratio. you are building in 5, 6, 7% higher in general earnings growth for nvidia you're building in 15, 20% for how many years -- you know, a.i. has the promise to transform the economy. that magic will still be in that stock, you know. it went down today, i was saying

maybe -- i am tempted to buy it when the price targets are higher. >> you know, coming off jackson hole, looking at a headline from christine lagarde, do we care what other central banks are doing and what other central bankers are saying? she said to set rates as high as necessary for inflation. okay. they will do whatever they have to, i guess, to keep inflation under control. do we care as investors here? >> yeah, i think we need to care. i think we need to care, it, obviously, affects yields in the united states based on relative yields and what's available. there has been significant movement in the currency market. we have the bank of japan engaged, if you will, currency perspective in a way they haven't been. there is a lot of policy questions there. i think most importantly though is just trying to determine where is that timg point, that inflection point where valuations are so high here in the united states that

regardless of kind of incrementally tougher conditions in a place like europe, you know, when do you make that choice to increase your allocations there? and as it relates to the strength relative weakness of the dollar. all of these things we have to understand we are entering into a period where we are not going to see as much sort of collusion, if you will, in the nicest way of saying it between central banks. we will see divergence in policy. that has implications if you are allocating in the united states or outside the united states and also between equities and credit. mike, tease us a little bit. i am going to let you prepare for that. i will see you in market zone. give us an idea of what the week left you with to chew around? >> we have a long-time nvidia shareholder. we will get josh's take on how that stock has traded and also try to sift through the week's news and look ahead to next week and tell you what you should be more concerned about and what you can dismiss, move off your pile of worries. we will do that in game show form.

>> we look forward to that. see you later. professor, i'd like your last thought. now we get nvidia out of the way, jackson hole out of the way. we do have a bit of an air pocket of news. we don't think the fed's going to do anything in september, though you never know. but we do enter what you have suggested is an historically treacherous time for stocks. >> yeah. as mike said, next week is a huge news week. you know, we get the home price index. we get the money supply. we get the friday payroll. we get the jaros report. those are things that powell quoted. the second estimate of gdp. we get revisions -- i can keep on going on. i won't. but you're right. we have a gap for about ten days on important data. next week is -- could shape what's going to happen in september. >> you made good points.

appreciate the time. see you soon. shannon and michael see later on in the market zone. let's get to your question of the day. how many more times will the fed hike rates this year? once, twice, or none at all? head to @cnbc "closing bell" to vote. the results a little later on in this hour. meantime, a check on some top stocks to watch from kristina. >> thank you, scott. well, shares of affirm are jumping today after reporting earnings this morning. we had a revenue and profit beat well past expectations and this is a buy now, pay later firm, they improved their full machine year outlook. the ceo said gross misdemeanors volume is growing despite inflation and higher interest rates. shares are up a whopping 30%. but definitely a different story for hires of hawaiian electric plunging after news that the maui county is suing for damages related to the island's

wildfires that left at least 115 people dead. it alleges they left their power lines energized despite warnings of high fire risk. the company tells nbc news it's disappointed the county chose such a litigious path. shares down almost 20%. scott. >> thank you. see you in a bit. we are just getting started. next, trading tesla. that stock has had a steady run higher this year, up more than 90%. dan is out with a new note on the ev maker. he is drilling down on what he says could be the next big growth cathcatalyst after this live from the new york stock exchange. you are watching "closing bell" on cnbc. (christina) with verizon business unlimited, i get 5g, truly unlimited data, and unlimited hotspot data. so, no matter what, i'm running this kitchen.

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following a bullish wall from wedbush's dan ives. he estimates $20 million worth by 2030 and make up 6% of the ev maker's total revenues. he joins me now. it's good to he sue. why did you feel compelled to write this story today? >> yeah. i was really doing the modeling from everything we have done the last four to five weeks. we talked about it when it came out for gm, others, the three wintry area codes in tesla, now trying to model it out. i think for investors it's helpful. we think conservatively 10 to 20 billion per year is on the latter part by the end.

deck ailed. i think it's significant. this is the next stage of modernization for the tesla system. >> how do you get to those numbers? >> that's really going on our -- and we have a whole model planned out. the percent of overall evs that are going to be used in the charging stations, what they are going to be charging per kilowatt hour, and then the important things is that -- most of the bears say today people charge at home or their office. it's also looking at now down the road, how am i going to be using the charging stations. when you look now, they will be the only game in town. that's why you have gm, ford, others going to tesla. and i think today super chargers, next it's going to be batteries and eventually fsdai. similar to apple on the service side. this is just the early stages of most -- >> where are we on the roadmap of price cuts? in terms of tesla, which elon musk is clearly, clearly moved

to put, you know, growth ahead of profitability. >> yeah, and you think that's the right poker move. i think it paid off significantly, especially in china. 95, 96% of those are in the rearview mirror. i think you saw maybe some overreaction last week and a rebound as i think more investors are recognizing that. but right now margins are suffering at the cost of units. i think that softens the next quarter or two. it's a rebound to next year. that's the yin-yang they will strike. ultimately, it's tesla's world and everyone else is paying rent. i think that's becoming clearer and clearer. >> in terms of the stock, it's up 10% this week, down 10% over a month. and the reason, you know, i am trying to get the correlation here between it and the nasdaq. if the nasdaq continues to have some trouble and tech, big tech in general, pulls back, this

stock is going to be susceptible to that as well. don't you think? >> of course. yeah. i mean, we continue to be -- this technology -- but it's our view going to the second half of the year, i think tech stocks are up higher. it's my view that the new tech full market has already begun. i think growth has been -- exceed expectations. i think we saw it with nvidia. that's just the appetizer to what we will see with this trillion dollars tidal wave of spend over the coming years for players across the tech -- >> but these stocks are up like five years' worth in eight months. i mean, even with the pullback we have seen, a lot of stocks are up 30, 35%. we can't just continue to suggest that they are going to, in your words, rip higher to no end, are we? >> growth. everything we see from growth across software, across chips, i think ultimately the numbers,

especially going into next year accelerate 15 to 20%. i think this is a 1995 moment. not a 1999/2000 movement. it started with the internet. we are seeing the biggest transformation that we have seen in 30 years in tech. that's why our view across the board, this is just the pause. it's halftime of the super bowl rally that we will see in tech going into the next two or three years. >> i know. at some point the air gets thin, no? look at nvidia. i know you don't cover it specifically like you do apple, which people know. but, you know, it's up 200% this year. it was up 50% in three months and now it's having its pause, pullback. whatever you are going to characterize that as. i mean, what do you want the stocks to go up? 60 and 70% for the year? >> i mean, my view is way overcorrected the last year. that's our opinion. and i think now investors more

and more are going to 2024 and 2025 looking at the -- a cycle we haven't seen in 30 years, of course, rates -- that's going to be a headwind. but when i look across software, cybersecurity, chips, i view this as a time where we view it as a start of a new market, not the time where we're hot and -- because of valuations. i think the stocks grow into their valuations over the coming years. >> okay. we will leave it there. dan ives, thank you. see you soon. >> thank you. next, raising the red flag. sycamore tree capital is still bracing for a recession. flagging alternative opportunities for your money. joins me after the break. and later instacart heading for the public market debut. illegal firework more details li wt cldthat company's s 1 finghaitou mean for the ipo market in general. "closing bell" right back.

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. we are back on "closing bell." the s&p 500 trying to snap the longest losing streak of the year on the back of federal chair powell's speech. our next guest says that stocks won't add too much value to investors' portfolios from here. welcome back. good to see you. >> hey, scott, how are you? >> good, thanks. let's deal with the fed chair's speech first. what did you think of it? and what do you make of the reaction here as we head towards the close in the stock market? >> well, i guess in digesting all the things he said, which wasn't much, there wasn't anything new there, i guess the missed opportunity that i kind of see is that he could have been a little more hawkish than he was. we certainly have had a run of very strong economic numbers, which i think put this sort of no landing scenario on the table for everyone. i'm not in that scenario. i do believe in the lag

scenario. we are still in the recession camp. and so i think what he said was we're navigating by the stars under cloudy skies. that doesn't feel very comforting to me as far as where we're going and how we get out of this situation of pretty persistent inflation. so i think he set it up that there is certainly not rate cuts in the near-term future for anyone. we are basically going to be either here or higher, and i think that was a strong message that i heard. from that standpoint, you think he is paying attention to what happened to the ten-year in the last couple of weeks. it's moved pretty hard. >> yeah, the ten-year has done some of the fed chair's work for him, perhaps. >> yes. >> why do you sound like you are in the half-empty camp rather than half-full? inflation is, in your word, persistent. others would say it's declining quite rapidly.

>> well, i mean, he talked about the four contributors to pce and the part that's going sideways is half of it. so i think that in order to get that down, the lag effects of the move in rates that, the massive move in rates they have already done will take time. so i think that's what's coming. the reality of that hasn't really happened. i think the banks are feeling it. the banks are saying, you know, a trillion -- 1.3 trillion of cre debt coming due in the next year, 18 months. they have got over a half a trillion dollars of mark-to-market losses in their securities portfolios. so i think as that trickles through the economy and slows things down, you are going to see this sort of no landing scenario kind of evaporate, i think, and we are going to have something that looks much more like a traditional cycle.

and as far as the outlook on stocks and how bearish i guess i sound, per se, we are not super bearish on the equity market per se. we just don't see it as a relative value versus a lot of other things you can invest in right now. especially in credit. we are having a great year. we are making good money in the credit portfolios, and we are not taking a ton of risk. we're making 7, 8, 9, 10% in the portfolios. and we like that. aid 'rather own that than, i don't know, nvidia at wherever the stupid multiple is. >> well, i mean, you are talking your book. you're a credit guy. i get it. i get it. you guys are a credit -- >> yeah, exactly. but, i mean, let's be, like, rational about it. >> okay. >> triple-a clo debt, that means that it is safer than u.s. government. it's yielding 6.5%.

what's wrong with that? i mean, i'm not -- i'm not selling anything to anybody. i am basically stating gt facts about the relative value of things. and honestly, it's like when you think about what's happening within the treasury market and the rates we're seeing, i think it's kind of hard to pain a picture where they go down anytime soon. why not own some of that, too? fixed income feels like much better place to be than equities in general. >> i totally hear that you. makes perfect sense. you have to manage your risk and you want to be able to sleep at night and you can forego some of the volatility and the equity market to know that maybe you'll return a little bit less, but you will feel a lot better, and you will still have decent returns whether it's in certain parts of the credit universe or cash. i totally get that. in terms of where rates are going from here, do you feel like the fed is done? are they done hiking? >> yes.

i absolutely think that they've kind of overcooked this thing with getting into the banking system and setting up a problem for almost every regional bank in the country, which means a profitability problem. but also this digestion of what's going to come down from a regulatory standpoint across the banks is not -- it's not going to be positive. so i think that the credit impulse coming out of the banking system continues to slow the economy. i think that does some of their job. they don't have to raise more rates. i think what we said earlier about why is the ten-year up 60, 70, 80 basis points -- >> because the economy is pretty good. >> i am not sure. i think there is some supply dynamics there. there is also -- well, look, there is a $1 trillion of net borrowing coming out. treasury in this quarter. that's a lot of supply. and you have a time when the boe, the bank of japan, is maybe

pivoting. you have china certainly not leaning in. i think there is other reasons why the ten-year has moved and i think they are paying atoetenti to that. the term premium is pretty positive. and that's something that i think we have got to be mindful of or at least watching. >> sure. what happens if inflation continues to come down, right, it's just north of 3%, it's come down a long way in the last -- >> its over four. >> i know you are thinking of -- i hear you on that. i know that's what they care more than anything about. what happens if the economy is able to stay stronger for longer than you think and inflation comes down at a similar clip to which it's already come down and that enables the fed to cut -- to cut rates, not because the economy's dramatically bad, dictates they have to, but

because they can, because they actually have mission accomplished, they have achieved their goal? >> i am thinking about the larry bird/michael jordan commercial where they are fighting over their happy meal and he is going off the backboard, through the window, over the backboard, nothing but net. ty i think that's a tough scenario that you laid out to actually happen -- >> yeah, but what happened in the commercial? i remember that commercial. the ball went in, right? >> that's right. it did. it did. but they are selling hamburgers, not the economy. so i'm not really sure that that's the right sort of thing to be banking on, honestly. and especially when you have other alternatives where you can make decent money without that sort of valuation worry. and, yeah, shar, i am a credit guy, which means i see the glass half empty all the time. but what's in my glass is pretty good. i'm really enjoying, you know,

drinking it right now. so it's certainly an interesting time. i think as we start to see the weakness come into the economy, we will see where that goes. i don't think rate cuts are in the cards anytime soon. >> all right. we will leave it there. i appreciate your conversations. we should have them more often. >> thanks for having me. and thoughts and prayers out to our friends in maui l good to see you, scott. >> you as well. mark, you be well. up next, we are tracking the biggest movers as we head into the close. kristina partsinevelos is standing by with that. >> nvidia setting the earnings bar so high, does that mean other chipmakers will fail to impress that can't do the same? we discuss next.

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we got 15 to go before the closing bell. the dow is still up near 300 points. kristina partsinevelos is back with a look at the key stocks that she is watching. >> well, let's talk about marvel technology. a tough act to follow after nypd's earnings. it did impress investors after a drop in second quarter earnings and revenue which included a drop in data center sales. morgan stanley cut, morningstar downgraded from buy, marvel shares down about 6% right now.

one of the worst performers on the nasdaq. we will have the marvel technology ceo in just a bit. you can see just at 4:00 p.m., matt murphy. hr software provider workday an upbeat outlook, citing promise from artificial intelligence. they bumped the price target to 250 as an example. workday attributed the increase in 2024 subscription revenue guidance to early renewals by customers, quote, tremendous growth within thei budgeting business. accelerators up almost 6% right now. happy friday. >> tremendous. enjoy the weekend. last chance to weigh in on our twitter -- well, our question of the day. how many more times will the fed hike rates this year? ade, two, or none? he to @cnbcclosingbell on x. the results after the break.

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the results of our question of the day. we want to know how many more times do you think the fed will hike rates this year. one, two, or none? the winner, one. 39%. actually, kind of close. got a lot of, you know, interesting. all right. none did get almost 30. nice split. boeing shares soaring. we will tell you what's behind that move in the market zone coming up next. ort the people who live and work there. because you call these communities home, and we do too. pnc bank. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do.

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stanley. ♪ >> we are in the "market zone." "closing bell" "market zone." mike santoli here to break down. phil lebeau on boeing's bounce back. steve on instacart filing for the market day pew in the last hour or so. mike santoli, you first. sum up this day and maybe even this week. >> i think today is at least a little bit of an exhale. mostly because yesterday's downside reversal was seen as potentially ominous, one of those things that really does kind of demoralize people who have been betting on at the fact that we might be able to buy this dip. today more or less unwound most of it. so i think at least it was an absence of a new negative in the markets today and also a roughly as expected message from jay powell in jackson hole. bond yields are where they are. they have been a challenge but haven't burst higher for, you know, in the last couple of

days. i think all that together, you know, leaves the s&p 500 up a little for the week and the middle of its weekly range and still kind of in wait-and-see mode. not really showing too much stress yet. >> phil lebeau, boeing was down about 3% or so yesterday. at least at one point, you know, concerns about the 737 max again. and now we see a reversal higher by about 3%. what's the bounceback due to? >> well. >> eights report that came out earlier today from bloomberg saying that boeing is preparing to resume deliveries to china and remember when you are talking about the 737 max as you look at shares of boeing, this is the reason why the stock moved higher. if they could start resuming deliveries there it would have huge implications for the company. when how look at boeing and china, remember deliveries largely suspended since 2019 and especially with the 737 max. a few dallas, but the max

flights were suspended until earlier this year when chinese airlines resumed flying that aircraft. there are 85 max planes built awaiting delivery in the seattle area. the question is, when that actually takes place. you look at shares of boeing and airbus, remember how important china is. the bottom line, the chinese airlines need more planes. they need new airplanes. they have maxes on order. it's a question of when the geopoliticals align and china says to the u.s., okay, we'll let our airlines start to take these planes again. >> phil, good stuff. thank you. phil lebeau. steve kovac. instacart filing within the last hour or so for an ipo. what do we know? >> tech ipos are coming back. we had arm, the chip designer earlier this week. now instacart. so filing today to go public under the nasdaq. under the ticker cart. some highlights from the s-1 fieshlgs $2.55 billion, up 35%

from the year before. net income $428 million in net income for 2022 and ad revenue, a relatively new business for instacart. in 2022, $740 million. that was up 29% from the year before. the company though has seen its private valuations slashed multiple times last year. it was $39 billion at the beginning of '22. it went down to 24 billion after that and reportedly even more than that. the information reported late last year, the valuation privately for instacart was $10 billion. now ceo in letter potential investors highlighting the potential market saying groceries, that's a $1 trillion industry and only 12% of that happens from online orders. says that could double-overtime. as for the valuation, we will see where they price. but 10 billion is quite a haircut for that company. >> no doubt about that. the sign of the times.

mike santoli, baby steps for ipos? better than no steps at all. >> for sure. these are the sorts of deals you would expect beyond the front edge of a rewakened ipo market. a very mature private company like instacart where you have scale and there has been profitable quarters and you also have probably an investor base that's very much ready to have this go to next phase as a public company. arm, obviously, was a public company before, kind of an industry standard in a sweet spot of what some of what is going on in tech. those are the easy sells. they probably get out there and with any luck rational initial pricing. that's the other thing you want to look for, is whether, in fact, the underwriters want to make sure that they get out there with a decent valuation cushion. we will see if that's the way it plays. >> thank you, steve, as well. mike, we said you got the big special tonight, taking stock, with you and josh.

you've got to look ahead, too. forget about looking back. salesforce earnings next week. you got important data on the calendar. >> for sure. salesforce, definitely an interesting input in terms of the, you know, the leopard trying to change its spots to a.i. we will see if that works. jobs number the end of next week. pcs previewed today. we will see how the bond market absorbs those things. the other piece is, we haven't seen a real rush to the defensive parts of the market. even though we have been choppy, volatile, down 5%, it's not about buying safe haven sectors. cyclicals hanging in okay. the credit markets don't always see bad stuff coming, they have been relatively calm. whether it's another shoe to drop next or beyond is a question. about for now, it has still remained in the somewhat routine pullback zone. >> we got to see where tech shakes out, what nvidia does next week.

tesla was up 10% this week as well. so keep an eye there. good luck tonight. that's mike santoli. you don't want to miss that. the bell is ringing. we are going down green. have a great weekend, everybody. see you on the other side into o.t. ♪ welcome to "closing bell"over time. stocks closing out the week on a high note as rate hike fears took a back seat following federal chair powell's speech. despite the gains, the dow is on track for the worst month since february. marvel technology one of the few stocks in the red despite an earnings beat. the ceo joining us. and instacart just filing for an ipo. just talking about that. we will get reaction from venture cap list keith rabois and whether we